USA: FEDERAL RESERVE CHAIRMAN ALAN GREENSPAN SAYS FEAR OF TERRORISM MUST NOT BE PERMITTED TO PARALYSE GLOBAL ECONOMY

Record ID: 649315

  • Title: USA: FEDERAL RESERVE CHAIRMAN ALAN GREENSPAN SAYS FEAR OF TERRORISM MUST NOT BE PERMITTED TO PARALYSE GLOBAL ECONOMY
  • Date: 26th October 2001
  • Summary: WASHINGTON, D.C., UNITED STATES (OCTOBER 24, 2001) (REUTERS) 1. SLV FEDERAL RESERVE CHAIRMAN ALAN GREENSPAN AT PODIUM 0.02 2. (SOUNDBITE) (English) GREENSPAN SAYING "Terrorism poses a challenge to this remarkable record of globalisation. A global society reflects an ever more open economic environment in which participants are free to engage in commerce and finance wherever in the world the possibilities of increased value-added arise. It fosters ever greater cross-border contact and further exploitation of the values of specialization now on a global scale. Fear of terrorist acts however has the potential to induce disengagement from activities both domestic and cross-border. If we allow terrorism to undermine our freedom of action we could reverse at least part of the palpable gains achieved by post-war globalisation. It is incumbent upon us not to allow that to happen. I trust that we will go forward expeditiously with the pending new trade round. The differences to be resolved in such talks are small relative to the larger issue of maintaining our freedoms to travel and trade on a global scale." 1.37 3. SLV GREENSPAN AT PODIUM 1.41 Initials Script is copyright Reuters Limited. All rights reserved
  • Embargoed: 10th November 2001 12:00
  • Keywords:
  • Location: WASHINGTON, D.C., UNITED STATES
  • City:
  • Country: USA
  • Reuters ID: LVA4EA1GBHPY0UO9N641XGZPJH0M
  • Story Text: Federal Reserve Chairman Alan Greenspan has said fear
    of terrorism must not be permitted to paralyse the global
    economy or hamper progress.

    The Fed chief said on Wednesday (October 24) that if
    terrorism was allowed to undermine freedom of action, part of
    the gains achieved by post-war globalisation could be
    reversed.

    "It is incumbent upon us not to allow that to happen," he
    told a dinner meeting of the Institute for International
    Economics in Washington.

    Greenspan said that in the wake of the devastating
    September 11 attacks, the anti-globalisation movement had
    muted its protests but that it was only a matter of time
    before these resumed.

    Anxiety stemming from the attacks on Washington and New
    York poses immediate risks to the smooth functioning of the
    world economy because of "the potential to induce
    disengagement from activities, both domestic and cross
    border," warned Greenspan, an ardent proponent of free trade.

    He urged the Bush administration to press ahead with
    efforts to further open world markets and said that this would
    illustrate determination not to be cowed by terrorism.

    "The differences to be resolved in such talks are small
    relative to the larger issue of maintaining our freedoms to
    travel and trade on a global scale," Greenspan said.

    The World Trade Organisation, which includes 142 countries,
    meets in Qatar on November 9-13 to try to launch a new round
    of trade liberalisation talks. U.S. lawmakers have said they
    will attend regardless of security concerns.


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