TPT March 2010

G lobal M arketplace

Economic notes › Emerging markets are leading the way back to economic health worldwide, say top central bankers including the governor of the People’s Bank of China, Zhou Xiaochuan; and the chairman of the US Federal Reserve, Ben S Bernanke. Speaking on 11 January after the monthly meeting of the Bank for International Settlements (BIS) in Basel, Switzerland, Jean-Claude Trichet, president of the European Central Bank, said the group sees a “progressive normalisation” of the global economy. Emerging economies, Mr Trichet said, demonstrated resilience during the recession and are “very, very clearly in a more dynamic mode” now. As an indication of reviving investor interest in Central and Eastern Europe, also on 11 January the Vienna-based restructuring fund manager CRG Capital announced a joint project with the European Bank for Reconstruction and Development (EBRD) for the first fund dedicated to investment in distressed corporate assets across that region. The fund, CEE Special Situations, aims to raise up to $290m for its project to help speed recovery from recession in the countries of Central and Eastern Europe, many of whose economies are still weak. The World Bank’s private-sector lender, the International Finance Corp; EBRD; and CRG Capital have together made an initial commitment of $50m to the fund. › The Global Competitiveness Report 2009-2010 , from the World Economic Forum (WEF), found Switzerland moving past the

The US Federal Reserve building

US to become the world’s most competitive economy. Singapore , Sweden and Denmark rounded out the top five. Finland, Germany and the Netherlands made the top 10, for a strong European showing among the leaders. The near-collapse of the banking system in the US cost it the lead position for the first time since the WEF index was introduced in

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