Central bank chiefs say work isn't over even as crisis abates
Bernanke and Trichet make their case at Fed's annual Jackson Hole retreat
By Laura Mandaro, MarketWatch
SAN FRANCISCO (MarketWatch) -- The world's central bankers aren't ready to step away from playing an active role in the global economy as it follows a slow, tenuous path to recovery.
European Central Bank President Jean-Claude Trichet said Saturday central bankers must do everything they can to prevent a repeat of the past year's crisis, Reuters reported.
"Now that we see some signs confirming that the real economy is starting to get out of the period of 'free fall' -- which does not mean at all that we do not have a very bumpy road ahead of us -- the largest mistake we could make would be to forget the importance and the urgency of this task," he said, the news service reported.
On Friday, Trichet took a similarly cautious note, saying he was "a little bit uneasy" when he heard talk that the economy was returning to normal, Reuters reported.
"We know that we have an enormous amount of work to do and we should be as active as possible," he said.
His remarks followed those of U.S. Federal Reserve Chairman Ben Bernanke, who opened the Kansas City Fed's annual weekend symposium in Jackson Hole, Wyoming by noting the global economy was beginning to emerge from its worst crisis in generations.
"Prospects for a return to growth in the near term appear good," he said, according to a text of his speech, though he cautioned "the economic recovery is likely to be relatively slow at first." Read more on Bernanke.
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