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Slovak central bank governor sees economic optimism returning

According to Slovak central bank (NBS) governor Ivan Šramko, the world has learned at least one thing from the crisis - that no country will from now on let big financial institutions fall. “The fall of a big institution within the system is the greatest mistake that a country can make,” said Šramko at the International Club meeting in Bratislava on November 26, as quoted by the TASR. He noted that optimism is returning on a global scale with regard to future economic development. “Uncertainty is decreasing and a period of more optimism is setting in, which is reflected on financial markets. From the view of consumption in the field of foreign demand, our economy is still sensitive to falling demand, which is in turn seen in our GDP,” he stated.

According to Slovak central bank (NBS) governor Ivan Šramko, the world has learned at least one thing from the crisis - that no country will from now on let big financial institutions fall. “The fall of a big institution within the system is the greatest mistake that a country can make,” said Šramko at the International Club meeting in Bratislava on November 26, as quoted by the TASR.

He noted that optimism is returning on a global scale with regard to future economic development. “Uncertainty is decreasing and a period of more optimism is setting in, which is reflected on financial markets. From the view of consumption in the field of foreign demand, our economy is still sensitive to falling demand, which is in turn seen in our GDP,” he stated.

He said that at the moment it is important to consolidate public finances and lower the state debt. According to the official Finance Ministry plan, the public deficit should gradually decrease from this year's 6.3 percent of GDP to 5.5 percent next year, 4.2 percent in 2011 and to the permitted level of 3 percent in 2012. TASR

Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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