Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

Donors pledge millions at Uganda refugee summit

Read more

MEDIAWATCH

Depp plumbs depths of bad taste

Read more

THE WORLD THIS WEEK

France's new frontman, America's absent center, May's Brexit gambit, Saudi royal reshuffle, after Mosul & Raqqa fall

Read more

REVISITED

Senegal’s Casamance hopes for new era of peace

Read more

THE INTERVIEW

FARC disarmament a 'historic day' for Colombia, says president

Read more

FASHION

Cruise collections: All aboard for Dior and Chanel's latest fashions

Read more

ENCORE!

Colombia comes to France

Read more

#THE 51%

The last taboo: Helping women and girls. Period.

Read more

DOWN TO EARTH

Who benefits when the ice caps melt?

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)