BUSINESS

World's leading central bankers see slowing global economy but not recession

09/12/2011 08:28 EDT | Updated 11/12/2011 05:12 EST
BASEL, Switzerland - The world's leading central bankers agree that the global economy is slowing, but do not expect it to enter recession.

European Central Bank chief Jean-Claude Trichet said central bankers agreed Monday they "have the weaponry to provide liquidity" to banks as needed worldwide, and on an unlimited basis at fixed rates in the eurozone.

Trichet, chairing his last Global Economy Meeting of the Bank for International Settlements, said "we are certainly observing ourselves the slowing down of the global economy."

But he said central bankers at the Basel-based BIS, a key standard-setter for the world economy, "don't see a recession in the cards, not at all."