FSA's Turner warns on 'unchecked' global financial sector

Policymakers and regulators must be ready to challenge recent assumptions about the expansion and liberalisation of the global financial sector, Lord Turner said in a speech at the Reserve Bank of India in Mumbai. Comparing the 1997 Asian financial meltdown and the recent crisis, Turner said both had shown the dangers of unchecked growth in the scale and sophistication of financial activity. "What we saw in respect to capital flow liberalisation in the 1990s (regarding domestic financial liberalisation in developed countries) was the assertion of a self-confident ideology, which also...