Financial turmoil underscores need for more global cooperation and regulation
The unfolding financial crisis, the worst since the Great Depression, is now affecting the real economy, with lending at a trickle, unemployment rising and retail sales falling, William R. Rhodes, Senior Vice-Chairman, Citigroup; Chairman, President and Chief Executive Officer, Citibank NA, Citi, USA, warned participants in a session on the risks to global growth at the World Economic Forum’s Annual Meeting of the New Champions 2008. “Decoupling is not a reality. What is happening in the markets in the US is affecting the credit markets worldwide. We are in a crisis of confidence. There is just no confidence in financial institutions in the market.”
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