HispanicBusiness

During the weekend, some of the most prominent central bankers, academic and Wall Street economists met at Jackson Hole, the splendid ski resort located in the Wyoming mountains. Organized by the Federal Reserve Bank of Kansas, the Jackson Hole conference is the yearly rite where the central bankers interact with their peers. The lead speaker of the conference was Federal Reserve Chairman Ben Bernanke, who said that responding to financial crises with slow and inadequate policies result in greater damage and increased fiscal cost. This time, Chairman Bernanke said, the response with speed and force arrested a rapidly deteriorating and dangerous situation.

While there was consensus that the world recession has touched bottom, the main topics of the conference, this year were the shape of the rebound and the need for fiscal stimulus, particularly in the U.S. economy.

However, outside the conference hall, the main topic attracting the participants was whether Bernanke would be reappointed for a second four-year term at the end of his term next January. At Jackson Hole, there were many supporters of Mr. Bernanke's reappointment. Also, a few days before, 42 out of 43 economists surveyed by the Wall Street Journal supported Mr. Bernanke's reappointment.

President Obama did not make them wait. The White House announced, on Monday evening, that the President asked Chairman Bernanke to stay for another period of four years. The appointment is subject to Senate confirmation, but this early decision by President Obama removes any possibility of speculation and anxiety. It also signals continuity in the policies applied to counter the longest recession of the last sixty years.

Isaac Cohen is the former director of the Washington Office of the United Nations Economic Commission for Latin America and the Caribbean (ECLAC). He serves as a commentator on economic and financial issues for CNN en Espaņol TV and radio.