Tags: global | financial | crisis

ECB Exec: Expect Financial Aftershocks

Monday, 05 Oct 2009 10:59 AM

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BERLIN -- The global financial crisis is probably not completely over and banks are likely to experience further setbacks, European Central Bank Governing Council member Axel Weber said in a newspaper interview released on Sunday.

"We will probably not be spared small aftershocks on the financial markets," Weber told Germany's Handelsblatt business daily.

He added, however, that the magnitude of such aftershocks would be far smaller than the hit the global economy took after the collapse of U.S. investment bank Lehman Brothers in September 2008.

"Economic activity and financial markets are currently in a stabilization phase globally. Nonetheless, the economic crisis will bring further costs for banks," said Weber, who is also president of Germany's Bundesbank.

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