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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: Haim R. Branisteanu who wrote (5970)	5/10/2004 9:19:42 AM
From: mishedlo	Read Replies (2) of 116555

BIS' Trichet says economic growth not threatened by oil price rise - Monday, May 10, 2004 1:16:20 PM afxpress.com (Updating with further detail) BASEL, Switzerland (AFX) - Central banks from the G10 leading industrialised nations say the world economy will continue to grow despite a rise in oil prices, European Central Bank governor Jean-Claude Trichet said "The global economy is confirming its steady growth," Trichet said here after a meeting at the Bank for International Settlements (BIS), the so-called central bankers' central bank. "This steady growth is not hampered by the rise of commodity prices or oil prices," he added Trichet said central bankers welcomed Saudi Arabia's call for OPEC to raise its production ceiling by 1.5 mln barrels per day The remarks came as oil prices on world markets soared to 13-year high points with crude hitting 40 usd a barrel in New York on fears of terrorist strikes in the Middle East and US fuel shortages Trichet said the central bankers believe global economic growth is broad based both geographically and by sector Despite the optimistic outlook, the European central banker said that more productivity would be welcome worldwide to help fuel the upward trend "We encourage structural reform as a means to make the economy more flexible," he said In addition, the central bankers exchanged views about the problem of an ageing society and urged countries to implement reforms in the area of pensions and health, Trichet said Turning to the evolution of long-term bonds, Trichet noted that there was nothing to worry about "We continue to observe the situation carefuly," he added fxstreet.com

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