Don't miss

Replay


LATEST SHOWS

ACROSS AFRICA

New HIV vaccine under trial in South Africa

Read more

EYE ON AFRICA

Vote count under way in Ghana after tight presidential poll

Read more

EYE ON AFRICA

Cameroon: Several people killed in clashes with police in Anglophone region

Read more

MEDIAWATCH

Polish Christmas video goes viral

Read more

THE DEBATE

Power to the People? Battle over Brexit and Parliamentary Democracy (part 1)

Read more

THE DEBATE

Power to the People? Battle over Brexit and Parliamentary Democracy (part 2)

Read more

FOCUS

Video: Iraq's 'Golden Division' troops in the battle for Mosul

Read more

TALKING EUROPE

Italy faces shortage of young farmers

Read more

ENCORE!

The Rolling Stones pay homage to the blues with new covers album

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)