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Ben S. Bernanke: â€œGrowth rates of the U.S. economy will quickenâ€

23 June 2011 08:48 (UTC +04:00)

Baku - APA-Economics. The chairman of the US Federal Reserve Ben S. Bernanke he did not know how long would remain extremely low interest rates. He said it after the meeting of the Open Market (FOMC) of the American Federal Reserve. Note that, it was decided to keep the base interest rates in the range of 0-0.25%.

The recovery is progressing â€œmore slowlyâ€ than expected. European leaders will hold a two-day summit in Brussels from today to discuss Greeceâ€™s financing needs amid efforts by the nation to stave off default.

The Fed chief added that increase in gasoline prices in the U.S. will slow in the short-term, and the implications of the disaster in Japan will gradually come to naught: â€œThe Committee on Open Market expects that the recovery of the U.S. economy in coming quarters will dial the courseâ€, Bernanke concluded.

Touching upon the crisis situation in the Greek economy, Bernanke said if the crisis was not resolved, it would threaten â€œthe European and global financial systems, as well as the political unity of Europeâ€: â€œThe European leaders understand the incredible importance of solution of the Greek crisisâ€.