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Global financial catastrophe averted: RBA

Staff Reporter 1 minute read

The international financial system is more than likely on the road to recovery, RBA governor Glenn Stevens said yesterday.

In an address to a business luncheon in Sydney, Mr Stevens said that though it was hazardous to make predictions in times like this, it seemed to him that the “key elements” of dealing with the “root issues in the crisis” were starting to come into place.

Mr Stevens commended international and domestic government initiatives to ensure the health of financial systems and acknowledged that while there was still much to be done it seemed the world was “getting on to a better path”.

“The likelihood of a global catastrophe has in fact declined over the past couple of weeks,” he said.

“Policy makers in the major countries do ‘get it’,” he said.

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“The plans are not precisely uniform across countries – that is never achievable anyway – but we can, I think, see the shape of a broad common outline.”

Published: 22-10-08

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