Bloomberg News

Volcker Says World Has ‘Big Stake’ in Resolving Europe’s Crisis

November 09, 2011

Nov. 9 (Bloomberg) -- Former Federal Reserve Chairman Paul Volcker comments on Europe’s debt crisis and China’s economy. He was responding to questions at an event in Singapore today.

On Europe’s debt crisis:

“They have the resources in Europe to get it done. Or they go to the rest of the world for funds. The rest of the world has a big stake in this. Europe as a whole can manage it, but can it manage it? They all have their own political problems.”

On China:

“There has not been at any time in history that a country of its size has grown 10 percent a year. The country has become a force in the world economy.”

“The emerging world is now as big as the developed world and that is the phenomenon of the last decade and requires a change in thinking. China is out there and wants to have a say in the affairs of the world. In probably 12 to 15 years its economy will be as big as the U.S., and it will be a different world politically and a different world economically.”

--Editor: Cherian Thomas

To contact the reporter on this story: Lilian Karunungan in Singapore at lkarunungan@bloomberg.net

To contact the editors responsible for this story: Paul Panckhurst at ppanckhurst@bloomberg.net Sandy Hendry at shendry@bloomberg.net


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