Don't miss

Replay


LATEST SHOWS

THE INTERVIEW

‘Mexico will not finance US wall,’ foreign minister says

Read more

ACROSS AFRICA

African nations need to prepare for potential return of thousands of jihadists

Read more

EYE ON AFRICA

DR Congo former child soldiers awarded $10 mn in damages in landmark ruling

Read more

MEDIAWATCH

Website roots out "Rotten Apples"

Read more

THE WORLD THIS WEEK

Putin's press conference, Alabama election, One Planet Summit, Brexit Phase II, Disney & Fox

Read more

#TECH 24

WorldRemit: Helping migrant workers send money back home

Read more

FOCUS

The challenges awaiting the new leader of South Africa's ANC

Read more

THE INTERVIEW

Bangladeshi PM calls violence in Myanmar 'unacceptable'

Read more

DOWN TO EARTH

Was 2017 the worst year for the environment?

Read more

Business

Global economy is 'approaching' possible upturn, says ECB chief

Latest update : 2009-03-09

In his capacity as spokesman for the G10 central bankers meeting, European Central Bank head Jean-Claude Trichet said the global economy is "approaching" a pick-up point.

AFP - The global economy is "approaching" a pick-up point as positive elements that could fuel growth have yet to be priced in, G10 central bankers said Monday.

"We have a number of elements that are suggesting that we are approaching the moment where you would have a pick up," European Central Bank head Jean-Claude Trichet said in his capacity as spokesman for the G10 central bankers meeting at the Bank for International Settlements (BIS).

"I would say that we are at a level where the positives are not necesarily fully priced in," he added.

He did not specify a turning point but said central bankers would not depart from projections by global institutions, which are forecasting global momentum at close to zero this year before growth in 2010.

Trichet added that there was currently an under-estimation of the positive impact of sharply lower commodities and oil prices, as well as fiscal packages launched by governments.

He also pointed to a "very very strong commitment of authorities ... not to let any systemic institutions go under."

"This is a very very strong commitment which has been taken by executive branches which is not fully priced in by the market," he added.
 

Date created : 2009-03-09

COMMENT(S)