World Bank warns against future economic hardship

1

Press TV

Amid the ongoing financial crisis in the United States and Europe, World Bank (WB) President Robert Zoellick has warned that more dangerous times will be ahead for the global economy.

“In the past couple of weeks, the world has moved from a troubled multi-speed recovery to a new and more dangerous phase,” Zoellick told the Weekend Australia newspaper on Saturday.

He also said the eurozone’s sovereign debt issues were more troubling than the medium and long-term problems that led to the downgrading of the US’s rating by the credit ratings agency, Standard & Poor’s last week.

“We are in the early moments of a new and different storm, it’s not the same as [the] 2008 [financial crisis],” he added.

The head of the World Bank urged the European leaders to approach their debt problems with a greater sense of urgency.

“The lesson of 2008 is that the later you act, the more you have to do,” Zoellick said.

He also questioned whether troubled European nations could “ever get ahead of the problems that have plagued them.”

Zoellick pointed out that the world is now involved in redesigning the international financial system and that power is moving rapidly to fast-growing nations like China.

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One Response

  1. we got to stop them and we got to stop them now, WB, IMF, FED, EZB, BIS, this is the executive floor below high finance money emission group and top guilty for human slavery, societies presure, sick competion behaviour and stock exchange and currencies gambling. If we dont stop them now and change it into true sovereign systems there is only the way of war and civil war left while humanity is not a bunch of math figures and seeking for guilty always in the wrong direction.

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