09 May '11, 1pm

Central banks urge advanced economies to improve fiscal situations: ECB: BASEL, Switzerland : Central bankers ar...

Central banks urge advanced economies to improve fiscal situations: ECB: BASEL, Switzerland : Central bankers ar...

BASEL, Switzerland : Central bankers are pressing advanced economies to gradually improve their budgets while fast growing emerging nations must guard against overheating, ECB chief Jean-Claude Trichet said on Monday. The European Central Bank chief warned, after a regular gathering with other leading central banks, that there was no room for complacency even though an economic recovery is confirmed. "The fiscal situation in the advanced economies has to be progressively improved in order to face up with what is one of the deficiencies what we see," Trichet told journalists, adding that the bankers felt the issue was "very important." He added that it was "true for all of us, including of course in Europe". The ECB head acts as spokesman for the group of central bank chiefs, who meet every two months at the Bank for International Settlements to assess world economic trends...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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