Central bank president gloomy about crisis

4th April 2008, Comments 0 comments

The president of the Dutch central bank is not optimistic about the international credit crisis.

4 April 2008

The president of The Netherlands central bank is extremely gloomy about the international credit crisis.

Speaking at the presentation of the bank's annual report, Nout Wellink said that he believes the current worldwide financial crisis is the worst in several decades and is not yet under control. He said that he had never before witnessed such large-scale distrust in the financial world.

Wellink said that he is also worried about the rising rate of inflation in the past few months. He noted that the cost of living had increased, but warned that it would do no good to raise wages proportionately straight away.

He pointed out that the price of petrol, for example, could easily fall again. Earlier this year, Wellink warned the Dutch cabinet to prepare itself for the consequences of the US credit crisis.

[Radio Netherlands / Expatica]

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