Europe Financial Crisis Poses Significant Risks to US Economy: Bernanke


Friday, 08 June 2012 06:01


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‘”The crisis in Europe has affected the US economy by acting as a drag on our exports, weighing on business and consumer confidence, and pressuring US financial markets and institutions,” Bernanke told the US Congress Joint Economic Committee on Thursday.

“The situation in Europe poses significant risks to the US financial system and economy and must be monitored closely… The Federal Reserve remains prepared to take action as needed to protect the US financial system and economy in the event that financial stresses escalate,” he added.

Bernanke also named mandated budget cuts and tax hikes as two other potential shocks that keep the US economy vulnerable.’

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