Volcker Says in China He Remains Concerned About Global Economic Imbalance


Bloomberg News
November 9, 2010

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Former Federal Reserve Chairman Paul Volcker, who is also chairman of President Barack Obama’s Economic Recovery Advisory Board, said he continues to be concerned by global economic imbalances.

Developing economies such as China still have a “heavy dependence” on the U.S. as a market for their exports and the U.S. still has an “inability to produce savings,” Volcker said at a financial forum in Beijing today.

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“The imbalances remain and those imbalances are particularly categorized with the relationship between the U.S. and China, the two leading countries in the world now,” Volcker said. “Concerns about adjustments that I had five years ago remain.”

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