ECB's Noyer: Financial Globalization Not Cause Of Crisis

ECB's Noyer: Financial Globalization Not Cause Of Crisis

PARIS -(Dow Jones)- Financial globalization isn't "in itself" the cause of the economic crisis, European Central Bank governing council member and governor of the Bank of France, Christian Noyer, said Tuesday.

But it has highlighted failures in the regulatory framework, Noyer said at a conference in Paris.

Noyer added the crisis has revealed the need to supervise the financial system as a whole and not just individual financial institutions.

-By Ruth Bender, Dow Jones Newswires; +33 1 4017 1740; ruth.bender@dowjones.com

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September 29, 2009 04:18 ET (08:18 GMT)

Polish Central Bank Base Scenario Sees Econ Rebound In 2010

Polish Central Bank Base Scenario Sees Econ Rebound In 2010

WARSAW (Dow Jones)--The Polish central bank said Tuesday its base scenario for the country assumes that the economy will gradually rebound in 2010 and reach 2% growth in 2011.

In a report called "Poland and the Global Economic Crisis," the bank said the public sector deficit will rise to over 7% of gross domestic product growth in 2010 from the projected 5.9% of GDP this year.

The higher deficit will fuel a rise in public debt to close to 60% in 2010, breaching the 55% threshold, which under the constitution triggers austerity measures, the bank said.

  National Bank of Poland website: http://www.nbp.pl

-By Malgorzata Halaba; Dow Jones Newswires; +4822 447 2433; malgorzata.halaba@dowjones.com

Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=EcD%2BzY6KbOZIxjF%2FqGjJDw%3D%3D. You can use this link on the day this article is published and the following day.

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September 29, 2009 04:30 ET (08:30 GMT)