The international financial system must be changed so that banks can go belly up without bringing the whole economy down, Bank of Canada Governor Mark Carney said on Monday.
"We have to have a system where you could have an institution going bankrupt. One of the problems during the crisis was that each institution that goes bankrupt had to be saved, and that's not acceptable," Carney told the French division of CBC television.
"It's necessary to do that (let banks go bankrupt) and it's essential that the institutions themselves think it's possible."
