The Honorable Sir Mervyn A. King, governor of the Bank of England, talked about the United Kingdom’s banking and economic crisis. Topics included his country’s flat output, lending and take-home pay squeeze, commodities, and active exchange rate management as well as America’s “fiscal cliff” issue and the global economy. "Fiscal cliff" referred to the impending tax increases and sequestration budget cuts at the end of 2012 if Congress failed to reach a new budget agreement. After his address, he responded to questions from
Roger Ferguson, Abby Cohen, and R. Glenn Hubbard.
This lunch meeting of The Economic Club of New York was held in the Grand Ballroom of the Grand Hyatt New York.