Emerging economies merit high praise
By Krista Hughes and Mark Felsenthal |
June 1, 2010, Tuesday
|
Print Edition
Print Edition
THE heads of the Federal Reserve and the European Central Bank yesterday singled out emerging economies as keys to global financial stability.
Federal Reserve Chairman Ben Bernanke said the world economy depended ever more on emerging markets to maintain strong domestic growth and economic stability.
"Improvements in emerging market policies and policy frameworks have ramifications beyond the emerging market economies themselves," he said in videotaped remarks prepared for delivery to a conference sponsored by the Bank of Korea.
Bernanke did not discuss the outlook for the American economy or interest rates.
His remarks were echoed by European Central Bank President Jean-Claude Trichet who said in videotaped comments to the conference that emerging economies had been a source of strength.
"One distinctive aspect of this crisis has been its originating in industrial economies," Trichet said. "Emerging countries have also been severely affected, but as a group remained a source of strength for the world economy."
Commenting on South Korea, Bernanke said actions taken by its government and central bank since the Asian financial crisis of the late 1990s helped it weather the crisis that swept global economies in 2007-09.
South Korea had amassed a budget and trade surplus and pushed banks to prepare for shocks, Bernanke said.
Federal Reserve Chairman Ben Bernanke said the world economy depended ever more on emerging markets to maintain strong domestic growth and economic stability.
"Improvements in emerging market policies and policy frameworks have ramifications beyond the emerging market economies themselves," he said in videotaped remarks prepared for delivery to a conference sponsored by the Bank of Korea.
Bernanke did not discuss the outlook for the American economy or interest rates.
His remarks were echoed by European Central Bank President Jean-Claude Trichet who said in videotaped comments to the conference that emerging economies had been a source of strength.
"One distinctive aspect of this crisis has been its originating in industrial economies," Trichet said. "Emerging countries have also been severely affected, but as a group remained a source of strength for the world economy."
Commenting on South Korea, Bernanke said actions taken by its government and central bank since the Asian financial crisis of the late 1990s helped it weather the crisis that swept global economies in 2007-09.
South Korea had amassed a budget and trade surplus and pushed banks to prepare for shocks, Bernanke said.
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