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G10 bankers unconcerned by share volatility

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G10 bankers unconcerned by share volatility

G10 bankers unconcerned by share volatility
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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.’‘