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To: Giordano Bruno who wrote (178021)	7/8/2002 12:57:34 PM
From: Les H	Respond to of 436258

BIS' Crockett says equity markets are still 'quite high' Equity markets are still 'quite high', said the general manager of the Bank for International Settlements (BIS) Andrew Crockett. "Equity factors such as P/E ratios and yields are still quite high," Crockett said at a news conference at the end of the BIS' AGM. But profits could rise rapidly making these ratios look more acceptable, he acknowledged. Asked about the falling US dollar, Crockett said it will partially correct the present US current account deficit which stands at 4% of GDP. "The level of the US current account cannot remain as high as it is forever. Part of correcting this imbalance involves changes in exchange rates," Crockett said. "The fact it has began to happen is consistent with the process of adjustment," he added. Commenting on recent accounting scandals, notably involving Enron and WorldCom, Crockett urged national legislators not to change laws on their own. If each country or authority acts on its own the risk of an inconsistent set of responses is likely to be the result, he said. Crockett also informed the central bank governors present at the BIS AGM that he wishes to relinquish his functions as of March next year. Asked about future plans, Crockett said he had none for the moment and would only think about his future from March. Tubbs could not be reached for comment.