‘Better’ than expected

Mr Trichet (left) noted that central bankers from industrialised and emerging economies meeting at the Bank for International Settlements agreed that ‘we were observing a confirmation of some better indicators than previously anticipated.’

BASEL (Switzerland) – THE global economy is stabilising and the outlook is better than previously expected, leading central bankers said after a meeting on Monday.

‘It’s already known a number of projections have been slightly revised up, confirming that we probably are … out of the period of freefall which had marked the last quarter of last year and the first quarter of this year,’ said Jean-Claude Trichet, speaking on behalf of the Group of 10 top central bankers.

‘That is something which seems to be confirmed at the global level – stabilisation, better projections than previously anticipated,’ he added.

In recent weeks, a whole series of data has pointed to an overall improvement in the global economy although officials have been cautious, warning that any recovery remains fragile while unemployment is still rising.

Mr Trichet noted that central bankers from industrialised and emerging economies meeting at the Bank for International Settlements agreed that ‘we were observing a confirmation of some better indicators than previously anticipated.’ However, the central bankers also urged ‘prudence.’ ‘We have to remain prudent and cautious that it is not excluded that we will have a bumpy road ahead and that alertness remains of the essence,’ Trichet said.

‘We are not yet at the level of functioning of global finance that we can consider normal,’ he added.

The meeting included the G-10 group of central banks as well as others but officials declined to say how many took part. — AFP