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ECB's Constancio backs state interventions in banks
Tue, Oct 7 2008, 10:02 GMT
http://www.afxnews.com
LISBON, Oct 7 (Reuters) - European Central Bank Governing Council member Vitor Constancio said on Tuesday it was important that governments continued to intervene in troubled banks to prevent the global financial crisis from spreading further.
"Interventions are necessary at this moment," Constancio said, referring to government moves to save failing European banks.
"It is important to assure that these state interventions continue." He also said that the European Union's stability pact had a margin of flexibility for downturns.
Constancio said he did not expect a deep global recession as the global economy was resilient, helped by the strength of some emerging economies.
(Reporting by Axel Bugge, writing by Andrei Khalip; Editing by Andy Bruce) Keywords: FINANCIAL ECB/CONSTANCIO
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