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.
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