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G10 bankers unconcerned by share volatility


G10 bankers unconcerned by share volatility


The recent stock market sell off that erased trillions of euros of share values has not caused any long-term damage and the world’s economies are strong enough to withstand the volatility, according to Jean Claude Trichet, the head of the European Central Bank.

Speaking after a meeting of the Group of 10 central bankers in Basel, Switzerland, Trichet said he and his colleagues feel the market drop wasn’t a “crisis,’‘ but rather a “useful reminder’‘ of risks. They also do not see the US falling into a recession this year.

The deputy governor of China’s central bank, Wu Xiaoling – who was at the Basel meeting – said his country’s economy is in good health and he added: “The stock market will go up and down, if investors would invest rationally, the stock-market development would be better.’‘

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