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Mervyn King Testifies on UK Money Easing

Tuesday, 25 Oct 2011 | 4:45 AM ET

Testifying in front of the treasury select committee, Bank of England Governor Mervyn King detailed the central bank's rational for introducing a second bout of money easing. "The volatility did not dampen down, we did not see a reversal of the asset price movements, so we followed through and took the decision in October, which was unanimous, to resume the asset purchasing program," he said.