Former Bank of England Governor Lord Mervyn King told CGTN on Wednesday that the incoming Trump administration could make life easier for central banks around the world and take the weight off of the US Federal Reserve. King, who served as central bank governor from 2003 to 2013, released his book, "The End of Alchemy: Money, Banking, and the Future of the Global Economy" in Chinese in September.

In an interview in Beijing, the former BOE governor said, "He (Donald Trump) has made life easier for the Federal Reserve and other central banks in two ways: one is that interest rates have already gone up, so it's now easier for central banks to start raising interest rates, and secondly, he has taken the responsibility for the health of the US economy. And that takes pressure off the Federal Reserve." 

Lord King, who was at the helm of the Bank of England during the turbulent days of the 2008 financial crisis overseeing the UK government’s bailout of Royal Bank of Scotland and Lloyds Bank, also said that Brexit is not the end of the world. "None of us really know what the long-run effects will be, but my guess is that they will not be very significant. The decision has been taken, and we can make a "real success" of this."

Negotiations to leave the European Union are set to begin this quarter, and some economists warn Britain could still be vulnerable if it looks like it will end up with a bad deal in its divorce from the bloc.

British consumers so far brushed off June's Brexit vote and drove the economy to expand faster than expected last year, but a hefty current account gap and weaker trade and investment raised warning flags for 2017. Growth likely reached 2 percent in 2016, above the 1.6 percent forecast for both the euro area and the US.

Lord King also urged central banks to undertake bold reforms and to become "pawnbrokers" for all seasons to provide liquidity in times of crisis. 

His new book, first released in English in March last year, is an essential work about the history and future of money and banking, the keys to modern finance, and is devoted to "economic ideas". 

Lord King writes: "Another crisis is certain, and the failure... to tackle the disequilibrium in the world economy makes it likely that it will come sooner rather than later."