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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Bernanke rejects Merkel criticism, defends Fed AFP - Thursday, June 4 WASHINGTON (AFP) - - Federal Reserve chairman Ben Bernanke defended Wednesday the US central bank's aggressive intervention in markets, rejecting unusual criticism a day earlier by German Chancellor Angela Merkel. ADVERTISEMENT "I respectfully disagree with her views," Bernanke told a congressional panel when asked about Merkel's comments Tuesday. "The US and global economies, including Germany, have faced an extraordinary combination of a financial crisis ... unlike any seen since the Great Depression, plus a very serious downturn," he said. "And in that context, I think strong action on both the fiscal and monetary sides is justified to try to avoid an even more severe outcome." Merkel issued a rare criticism of central banks Tuesday for their massive cash injections to boost the economy and stressed the importance of central bank independence. "We must return to a policy of having independent central banks," Merkel said in a Berlin speech. German leaders normally respect such independence by not commenting in public on central bank affairs, making Merkel's remarks highly unusual. Merkel expressed "great skepticism regarding the power" of the US Federal Reserve and the Bank of England, urging them to "put an end" to controversial, non-conventional measures aimed at boosting their recession-hit economies. Bernanke, appearing in a hearing in Washington, said he was "comfortable with the policy actions that the Federal Reserve has taken" and that the Fed "can exit from those policies at the appropriate time without inflationary consequences." Email Story IM Story Printable View Blog This Sign in to recommend this article » 1 user recommend Enlarge Photo Chairman of the Federal Reserve Ben Bernanke testifies before the House Budget Committee on current economic and finacial conditions and the federal budget on Capitol Hill in Washington, DC. Bernanke defended Wednesday the US central bank's aggressive intervention in markets, rejecting unusual criticism a day earlier by German Chancellor Angela Merkel. Most Popular – Top Stories Viewed Pandemic warnings as swine flu spreads to Africa World 'getting closer' to swine flu pandemic: WHO Prince Charles defuses Franco-British D-Day dispute Last Titanic survivor dies in England Talent judge defends singing sensation Boyle View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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