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Central banks promise help as banking blunders bite

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Central banks promise help as banking blunders bite

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Federal Reserve Chairman Ben Bernanke has stressed that central banks around the world are prepared to do more to ease severe credit market strains and support faltering economic growth.
Speaking at a European Central Bank conference in Frankfurt, Bernanke said that although the financial markets remain under severe strain, he believed a collective approach was the best way of dealing with the problem.
He said: “The current financial crisis and economic slowdown have been an occasion for unprecedented international policy coordination within Europe, but in addition, the coordinated rate cut was intended to send a strong signal to the public, and the markets of our resolve to act together to deal with global economic challenges.”

In October, central banks cut rates globally in their first coordinated policy action in history, as fears of a deep recession continued to grow.