PARIS (MNI) – Emerging market economies have remained relatively
strong throughout the financial crisis and their economic importance in
the world has been increasingly recognized, European Central Bank
President Jean-Claude Trichet said in the text of a speech delivered via
audio link to a conference organized by the Bank of Korea.
“One distinctive aspect of this crisis has been its originating in
industrial economies,” Trichet noted in very brief remarks that were
completely devoid of macroeconomic observations or policy implications
of any kind.
“Emerging countries have also been severely affected, but as a
group remained a source of strength for the world economy,” Trichet
added. “It is therefore not surprising that the crisis has led to even
better recognition of their increased economic importance and need for
full integration into global governance.”
However, the ECB president noted that “optimal arrangements for
global governance are difficult to find” because global governance
“always faces a trade-off between efficiency and legitimacy.”
Creating institutions for collective supervision is “always a
delicate balancing act, even more so at the global level,” he said.
–Paris newsroom, +331-42-71-55-40; bwolfson@marketnews.com
[TOPICS: M$$EC$,M$X$$$,MT$$$$,MGX$$$,M$$CR$]
