"Every new bad piece of news reaching the market sharply affects assessments about the continuing emergence from the recession."
Governor of the Bank of Israel Prof. Stanley Fischer said that while the financial crisis appears to be in its final stages, the recession in some countries is not yet over, and uncertainty about developments in the global economy remains high. Fischer spoke yesterday evening at the annual constituency meeting of the IMF and World Bank, hosted by the Bank of Israel.
Fischer added that every new bad piece of news reaching the market therefore sharply affects assessments about the continuing emergence from the recession in some countries.
Fischer said that the €750 billion aid package organized by the EU was helping to stabilize markets. "The global economy will learn important lessons from how it was formulated and how it will be applied," he said.
IMF Managing Director Dominique Strauss-Kahn praised the Ministry of Finance for the idea of a two-year budget.
Published by Globes [online], Israel business news - www.globes-online.com - on June 13, 2010
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