Beware the global financial crisis, part III

Bank of England's chief economist thinks the 2008 crash, then the ongoing eurozone crisis and now the turmoil in emerging markets are all linked

The Barbican cultural centre in London is currently hosting The Colour of Money: a season of films about finance, "from the gold rush to the credit crunch". If Andy Haldane, one of the Bank of England's most thoughtful policymakers, is right, they should clear some space in the schedule for Financial Crisis III.

Haldane warned in a speech on Friday, that we may be locked into what he calls a "three-part crisis trilogy", with part I, the Anglo-Saxon crisis of 2008-09, and part II, the euro crisis, about to be followed by part III, the emerging market crisis of 2015 onwards.