World Not over Worst of Recession - EBRD Economist

Business » FINANCE | June 16, 2009, Tuesday // 12:29
Bulgaria: World Not over Worst of Recession - EBRD Economist Erik Berglof, chief economist at the European Bank for Reconstruction and Development, addressed top business delegates at the annual Forbes CEO forum in Gleneagles, Scotland. Photo by EBRD

The global economy is not over the worst of the recession, Erik Berglof, chief economist at the European Bank for Reconstruction and Development, said.

"I don't think the worst is behind us ... We've not seen everything yet," said Berglof, who works for the London-based EBRD -- set up to help ex-communist nations adopt market economies after the Soviet Union collapsed.

Berglof, addressing top business delegates at the annual Forbes CEO forum in Gleneagles, Scotland, argued that all banks should declare their exposure to bad debts -- mirroring the United States.

"There's a sense that we don't know yet what's in our banking system," he told the meeting.

"There's a need not only to find out but also to make public, like you did in the United States.

"That was a model for how to do it and it certainly helped to stabilise the system. We need the same thing in Europe now and we need to make it public."

 

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