THE GUARDIAN: There is worse to come for the world economy and banks have been guilty of underpricing risk and undertaking too much off balance sheet activity, Gordon Brown said today.
The prime minister, addressing the World Economic Forum in Davos after a traumatic week for world stock markets, said: "This is a testing time for the global economy and those of us who believe in free markets, flexible economies and sustainable globalisation.
"There is also a danger, with bad news still to come, of being overoptimistic about what we can achieve and overemphasising the silver lining at the expense of the clouds." Worse to come for the economy, warns Brown >>> By Ashley Seager and Fiona Walsh
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