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World Bank President Robert Zoellick warns of more troubles ahead

August 15, 2011‐ Australia

The President of World Bank Robert Zoellick, in an interview to The Weekend Australian, said that the world economy has entered into a 'new and more dangerous phase'.

The World Bank chief says that Europe has to fix its debt crisis problems more quickly albeit admitting that there is little that finance officials can do in regard to monetary policy to ease the pain. He also said that recent riots in Britain would disrupt the austerity measures announced there.

Speaking of his European experience, he said that Greece and Portugal have bigger problems of debt. He said that economies have to act fast to tackle crisis and that the more later such moves are made, the more we have to do to overcome them.

Speaking on Australia, he praised the country for being well placed in withstanding global financial crisis compared to other developed economies. He said that the country could withstand another stimulus package in case the economy takes a downturn. He suggested that close ties of Australia with East Asian and Pacific economies will help the country economy in the short term.

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