US Federal Reserve Chairman Ben Bernanke said
Wednesday that Europe is not close to solving the problems weighing
on the eurozone.
"I don't think they're close to having a long-term solution to
solve the problem," he told US lawmakers in a second day of testimony
on the health of the US economy.
He noted that market volatility would continue until Europe
develops a long-term solution.
The central bank head pointed to "significant stress" in Europe
that theatens to spillover into financial and economic conditions
around the world and said the situation weighs heavily on the global
economic outlook.
In remarks Tuesday before another congressional committee,
Bernanke painted a bleak economic outlook and said the Federal
Reserve was willing to take action, but stopped short of spelling out
specific action.
