Europe

Bank of England Carney chief warns on globalization

Bank of England Governor Mark Carney has warned that government and industry must do their part to spur growth and ensure that prosperity is more equally distributed to counter a rising tide of insecurity and anxiety.

In an extraordinary speech Monday in Liverpool, Carney says while central banks have been "the only game in town" since the 2008 financial crisis, it's now time for a "balanced mix of monetary, fiscal and structural policies" to promote inclusive growth.

Carney says the British government must face the fact that free trade and technological developments are leaving some people behind, even as they increase global prosperity. This means that developed countries must redistribute some of the gains from these developments and retrain workers to succeed in the new economy.