Trichet, Bernanke: Emerging Nations Have Key Role

European Central Bank President Jean- Claude Trichet. Photo by EPA/BGNES

European Central Bank President Jean- Claude Trichet said emerging nations have weathered the global recession better than advanced countries.

Federal Reserve Chairman Ben S. Bernanke also said in prepared remarks to a Bank of Korea conference in Seoul that “as emerging market economies become increasingly important in the global trading and financial systems, the world economy will depend even more on them to maintain strong domestic growth and economic and financial stability.”

“Emerging countries have also been severely affected, but as a group remained a source of strength for the world economy,” Trichet said via video link to the Bank of Korea conference, according to the text of his speech published by the Frankfurt-based ECB.

“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.”

Trichet also said that “the international community has identified the G-20 as the premier forum for international economic cooperation.”

Federal Reserve Chairman Ben Bernanke also said the world economy depends ever more on emerging markets to maintain strong domestic growth and economic and financial stability.

"Improvements in emerging market policies and policy frameworks ... have ramifications beyond the emerging market economies themselves," he said in videotaped remarks prepared for delivery to a conference sponsored by the Bank of Korea.

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