Sponsored by: Investment Center

Something new in your business?  Click here to submit your business press release

Chamber Corner | Main Street News | Job Hunt | Classifieds | Calendar | Illinois Lottery 

Financial crisis explained to Queen Elizabeth II

Send a link to a friend

[December 14, 2012]  LONDON (AP) -- In 2008, Queen Elizabeth II asked academics why no one saw the financial crisis coming. On Thursday, she finally got an answer.

Sujit Kapadia from the Bank of England's Financial Services Committee gave the queen three reasons as she visited the central bank in London. He told her that financial crises are like earthquakes -- rare and difficult to predict. Kapadia also said that growing complacency since markets were stable had led people to think regulation wasn't necessary. Third, people didn't realize how interconnected the financial system had become.

Elizabeth asked what is being done to prevent another global downturn, acknowledging that "people got a bit lax" and that perhaps financial crises are "difficult to foresee."

On her visit, the queen and her husband also toured vaults full of gold.

[Associated Press]

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.






< Top Stories index

Back to top


News | Sports | Business | Rural Review | Teaching & Learning | Home and Family | Tourism | Obituaries

Community | Perspectives | Law & Courts | Leisure Time | Spiritual Life | Health & Fitness | Teen Scene
Calendar | Letters to the Editor