Inexpedient to Expect Rapid Restoration of Financial Market: Chairman of U.S. Federal Reserve System
Azerbaijan, Baku, 20 October /corr. Trend A.Badalova / It does not stand to expect the rapid restoration of the financial market, said the Chairman of the U.S. Federal Reserve System, Ben Bernake, whose speech was directly broadcasted by Vesti television.
"Now the question is that how long the
financial crisis will last as a whole after the restoration of the stock
market," said Bernake.
Bernake said that the economy of the USA is under the serious threat.
"Reduction in the consumer activity continues. The total cost of housing fell by 12%," said the Head of FRS.
According to Bernake, the measures taken by
State will help to re-establish confidence for the financial system.
"Stabilizing the financial system is the first step, but it will not solve all problems facing the economy," said Bernake.
According to him, the time of the stabilization of the economy will depend on that, how long it will be required for the stabilization of the stock markets.
He said that the time of stabilization of
the economy will depend on how long time will be required for the stabilization
of the stock markets.
"The economy still will be in weak state for certain time, and it is appropriate to consider special measures, said Bernake. However, any financial plan must have clear goals".
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