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LONDON (Reuters) – In May 2007, Ben Bernanke, then chair of the Federal Reserve, said the problems in the U.S. subprime mortgage market probably would not hurt the economy or the banking system.
With the admittedly huge benefit of hindsight, that was a misjudgment of epic proportions.
Years - Onset - Crisis - World - Economy
It has taken a full 10 years since the onset of the global financial crisis for the world economy to show clear signs of recovery, and even now progress remains halting.
In the United States, the unemployment rate is at its lowest in a decade, but pay is growing only slowly and a string of recent economic data has been weaker than expected.
Europe - Japan - Growth - Speed - Central
In Europe and Japan, growth is picking up speed, prompting the European Central Bank and the Bank of Japan to start sending signals about eventually easing their economies off their huge stimulus program.
But in Europe, Greece’s debt crisis remains far from over, even if the rest of the euro zone might help clear the way for more relief at a meeting of finance ministers on Monday.
France - Leader - Populist - Month - President
And although France voted in a centrist leader rather than a far-right populist this month, new President Emmanuel Macron may struggle to command a majority in parliament after elections in June. Investors remain nervous too about the prospects for euro-sceptic parties in elections in Austria this year and in Italy by May next year.
In Asia, China has smoothed trade tensions with the United States, at least for now, but the world’s second-biggest economy is still trying to reign in its shadow banking system.
Economies - Coattails - Growth - Exceptions - Brazil
And while emerging economies may ride on the coattails of global growth, there are glaring exceptions such as recession-hit Brazil and South Africa which are both in the grip of political crises.
Group of Seven finance ministers and central bank governors sounded only cautiously confident as they wrapped...
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