Was the Bank of England governor Sir Mervyn King's analysis of the financial crisis, in his Today Lecture and following interview, correct?
Dylan Grice, global strategist at Societe Generale, believes that Sir Mervyn's belief that it was a bust without a boom was a "misdiagnosis" and "verging on the delusional".
The real problem was that the Bank of England completely misread the situation due to a "lack of understanding", he said.
Professor Ngaire Woods, dean of the Blavatnik School of Government at Oxford University, believes the Bank of England "failed" on capital adequacy and in ensuring that banks can "stand on their own two feet" and absorb the losses.
The Bank of England have not yet shown that they can resist the pressures from banks to pay large bonuses, she adds.
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