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The Governor of the Bank of England has said there were signs the economy was picking up but warned the recovery could be "protracted".
Mervyn King said more capital might be needed to boost the banking system during the annual Mansion House dinner.
He said the major lesson of the finance crisis was that authorities lacked the means to take effective action.
At the same event the Chancellor said he had no plans to fundamentally change the oversight of finance firms.
This came in contrast to plans unveiled earlier on Wednesday by US President Barack Obama, which involved the most significant reform of finance regulation since the Depression.
Mr King questioned how the central bank would be able to implement its new legal powers to promote financial stability.
"It is not entirely clear how the Bank will be able to discharge its new statutory responsibility," he said.