Bank of England governor Mark Carney on Monday warned the public was losing faith in the current economic system, urging economists to acknowledge those who have lost out from globalisation.
“Many citizens in advanced economies are facing heightened uncertainty, lamenting a loss of control and losing trust in the system,” Carney said in a speech at Liverpool’s John Moores University.
He underlined that the 2008-2009 global financial crisis highlighted the excesses of the financial world. “Few in positions of responsibility took theirs. Shareholders, taxpayers and citizens paid the heavy price,” he said.
