We Need Crisis-Like Global Cooperation: Mervyn King

The video discusses the global economic disequilibrium, highlighting the imbalance in spending and saving across countries. It emphasizes the limitations of monetary policy in achieving sustainable recovery and the need for significant economic rebalancing and global cooperation. The speaker addresses concerns about currency devaluation as countries attempt to boost exports, warning that such actions are self-defeating. The video concludes with a reflection on historical monetary cooperation and the necessity for broader policy responses to avoid future economic conflicts.

What historical context is provided regarding cooperation in monetary systems?

What concerns are raised about the fragility of the banking system?

What is the 'Audacity of Pessimism' as mentioned in the text?