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Will-i-am.com - The Official Will.i.am Website
TIMES CHANGED, .... INSTANTLY & inevitably. .... "In the past couple of weeks the world has moved from a troubled multi-speed recovery -- with emerging markets and a few economies like Australia having good growth and developed markets struggling -- to a new and more dangerous phase," he said in an interview with the Weekend Australian newspaper.
ReplyDeletePeople were in less debt than during the credit crunch and current events did not have the same "sudden shock" factor, but Zoellick said there was less room to manoeuvre this time around.
"Most developed countries have used up their fiscal space and monetary policy is about as loose as it can be," he said.
Zoellick said the eurozone's structure "could turn out to be the most important" challenge currently facing the world economy, with some hope for Spain and Italy but debt-crippled Greece and Portugal unable to devalue.