Protectionism threatens world's economy, BoE chief warns

There is a growing risk that imbalance in the global economy will re-emerge, fueling the "tragedy" of rising protectionism, Bank of England Governor Mervyn King said. He expressed doubt about the likelihood that the Group of 20 nations will succeed in guiding the global economy and preventing a future imbalance. "If we go back to where we were, I have no doubt that as those imbalances become large again, the pressure for protectionism will build up to an almost irresistible level because there would be nowhere to go," King said. "That would be a tragedy."

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