Eurozone governments have been taking extraordinary measures to help stabilize the situation, but they should take bolder actions, Ravi Menon, Managing Director of Monetary Authority of Singapore said Tuesday.
"They have reached a turning point where bolder, decisive actions will be needed to reverse the tide," he said at an Islamic banking conference.
Further, the central bank chief observed that the effects of monetary stimulus, which had helped to support the economy and prevent a full-blown financial crisis, are now leveling off in both the Eurozone and the US.
According to him, the next few weeks and months will be critical as Greece is preparing for a historic election and Spain undergoing a severe strains in its banking system.
by RTT Staff Writer
For comments and feedback: firstname.lastname@example.org