Major central banks are satisfied with their joint efforts to tame the money markets following the US subprime mortgage meltdown. So says ECB President Jean-Claude Trichet as he summed up talks among officials from the Group of Ten leading economies. Trichet said global economic growth is expected to remain quite robust despite the market turmoil and high commodity prices.
The Organisation for Economic Cooperation and Development estimates bank losses from subprime debt will reach 215 billion euros. To boost liquidity, the central banks have put up 410 billion euros.