The Declaration for World Economy
(Oita Godo Newspaper, September 7th 2009, evening paper)
(Basel, Switzerland) On September 7th, the Group of Central Bank Governors and Heads of Supervision from Bank for International Settlements (BIS) had a conference in Basel, Switzerland. President Jean-Claude Trichet, who chairs the Group, said during interview that "The world economy had passed the worst period, and there are more indications towards stabilization", then declared "bottoming out" condition.In
the previous conference in May, BIS introduced "welcoming change" in supporting
economic recovery, and at the same time did some revisions on the judgements
regarding the analysis of present economic condition.
Chairperson
Trichet also pointed out that there is a high uncertainty regarding the
increase in unemployment rate. In order to achieve continuous economic
recovery, cooperation of each country is necessary.
On September 6th, the agreements reached today among 27
major countries of the world are essential as they set the new standards for
banking regulation and supervision at the global level. Central banks and
supervisors have responded to the crisis by strengthening regulation.
Comment: Despite experiencing one of the worst global financial crisis, most of the countries have started to recover and experience growth in their economies. Indeed, crisis is the chance for the countries to reflect and analyze the existing regulations whether they are still effective or whether they need to welcome changes to keep pace with the current situation.
NUGROHO
Katarina Marsha Utama
Indonesia
Ritsumeikan
Asia Pacific University, APM3
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