In his BBC Today Programme lecture, given last night, Bank of England Governor Sir Mervyn King endorsed David Cameron’s recent warnings that the UK remains highly vulnerable to fall-out from the Eurozone crisis, which he described as”far from over”. He argued that the risk of Eurozone failure was another factor supporting further reform of the UK’s banking system; “… we’ve been pushing for banks to pay out less to their shareholders and employees and instead retain profits as a cushion against possible losses.”