Former Bank of England Governor Mervyn King has warned that another global financial crisis is "certain" and will come "sooner rather than later",
Lord King, who headed the bank between 2003 and 2013, believes the world economy will soon face another crash because regulators have failed to learn lessons from the last economic crisis and reform banking.
He said without understanding what caused the crash, politicians and bankers would be unable to prevent another, and lays the blame at the door of a broken financial system.
He has also claimed that the 2008 crisis was not primarily the fault of individual greedy bankers, in his new book, 'The End Of Alchemy: Money, Banking And The Future Of The Global Economy', serialised in The Telegraph.
To solve the problem of disequilibrium, Lord King suggests raising productivity and boldly reforming the banking system.