G-20 close in on imbalance indicators

French President Nicolas Sarkozy, right, meets with, from left, People's Bank of China Governor Zhou Xiaochuan, US Federal Reserve Chairman Ben Bernanke, European Central Bank President Jean-Claude Trichet and Bank of Japan Governor Masaaki Shirakawa during the opening of the G20 Finance summit at the Elysee Palace in Paris, Friday, Feb. 18, 2011. Finance chiefs of the world's dominant economies were close to agreeing on how to track dangerous imbalances in the global economy, part of the Group of 20 rich and developing nations' efforts to prevent another financial crisis. - Photo by AP.

PARIS: Finance chiefs of the world’s dominant economies are close to agreeing on how to track dangerous imbalances in the global economy, part of the Group of 20 rich and developing nations’ efforts to prevent another financial crisis.

European Union Monetary Affairs chief Olli Rehn said he was confident that there would be agreement ”to identify and address global imbalances,” but that discussions on the precise indicators were still continuing.

Too early to declare lasting US recovery: Bernanke

 WASHINGTON: Federal Reserve Chairman Ben Bernanke warned Monday that it’s too soon to know whether the economic recovery will last and again pledged to hold rates at record-low levels for an ‘extended period.’
 
The Fed chief’s speech to the Economic Club of Washington made clear he thinks the economy will struggle even as it recovers from the recession. He said the economy confronts ‘formidable headwinds’ — including a weak job market, cautious consumers and tight credit.

Those forces ‘seem likely to keep the pace of expansion moderate,’ he said.

ILO says 43 million workers may lose jobs globally

GENEVA: As many as 43 million workers risk dropping out of the world labour market or moving into long-term unemployment if governments revoke economic stimulus measures too soon, the International Labour Organisation said on Monday.
 
An early exit from support measures taken in the financial crisis could postpone a recovery in employment for years, the United Nations agency said in its latest World of Work report.

The report does not contain a forecast for unemployment over a specific timeframe, as data are incomplete.
In September, the ILO said unemployment in 2008 and 2009 could rise by 39-61 million from 2007 levels to a record 219-241 million.