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Page last updated at 09:41 GMT, Tuesday, 8 January 2013

Stiglitz: Banks 'have made bad decisions'


The economist Joseph Stiglitz argues that countries without independent central banks, such as India and China, have performed better during the financial crisis.

Talking to Today business presenter Simon Jack, Mr Stiglitz said that US "banks have made bad decisions".

He said that "the institutional arrangement that the United States has where they focused on how they can make as much money regardless to the cost of our society" was "peculiar".

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