14 Aug 2011, 03:19 PM
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Keep Calm Chive On
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Join Date: Mar 2007
Location: Saskatchatoon
Posts: 3,963
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World Bank chief Zoellick says markets in danger zone.
Quote:
What's happened in the past couple of weeks is there is a convergence of some events in Europe and the United States that has led many market participants to lose confidence in economic leadership of some of the key countries," Mr Zoellick said.
"I think those events combined with some of the other fragilities in the nature of recovery have pushed us into a new danger zone. I don't say those words lightly."
He said he was making the point so that policy makers would take it seriously.
On the US, he said markets were not afraid that the world's biggest economy faced an imminent problem, but that they had got used to the US "playing a key role in the economic system and leadership".
The eurozone faced more serious problems, he said, with a lot of member states "moving from drama to trauma".
But he said Australia was in a much better position than other developed countries because of structural reforms it had already undertaken.
On China, he said the appreciation of the yuan would would help reduce inflationary pressures in the country.
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http://www.bbc.co.uk/news/business-14522634
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