Banking, finance, and taxes

Bernanke Worries More About EU In Testimony

Fed chief Bernanke’s worries about the eurozone financial crisis have not ended, based on comments he will make before the Committee on Government Oversight and Reform of the U.S. House of Representatives. Bernanke says that one-fifth of US exports go to the region where the GDPs of many nations have started to contract. And, the next actions the EU and its members must take will to help stability and improve GDP expansion will be hard, although Bernanke says they are essential:

Full resolution of the crisis will require a further strengthening of the European banking system; a significant expansion of financial backstops, or “firewalls,” to guard against contagion in sovereign debt markets; and, critically, continued efforts to increase economic growth and competitiveness and to reduce external imbalances in the troubled countries.

He has made similar comments before, but, based on the actions of EU leaders, his opinions have fallen on deaf ears.

Get Ready To Retire (Sponsored)

Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.

Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.

Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future

Get started right here.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.