Bank of England Governor Mervyn King sees no clear end to euro area debt crisis.
The gloomy outlook for the euro area debt crisis is weighing on the U.K. economy, King wrote in an article in Dailymail over the weekend.
"If the rest of the world were growing normally, the rebalancing and recovery of our economy would be much easier," he said.
"But it isn't. Even the rapidly expanding emerging market economies are slowing, and the problems of the euro area continue with no obvious end in sight," he wrote.
The Olympic games will give a boost to the economy, but it cannot alter the underlying economic situation.
Banks should focus less on making money in the short term, and more on building businesses to serve their customers' interests over the longer term, King said.
by RTT Staff Writer
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