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Tue 22 Apr 2008 02:29 PM

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Welch praises ECB's tackling of credit crunch

EXCLUSIVE: Former GE CEO says central banks' raising liquidity incredibly effective.

Welch praises ECB's tackling of credit crunch
EFFECTIVE POLICIES: Welch, pictured, praised the EBC and other central banks for their efforts in trying to solve the global slowdown. (Getty Images)

Former General Electric CEO Jack Welch on Tuesday praised the European Central Bank (ECB) and other central banks for trying to solve the global slowdown by raising liquidity in markets.

"The central bankers have been incredibly effective in my opinion [in dealing with the credit crunch]," Welsh told an exclusive business forum in Dubai .

"The ECB just today said it is trying to get some credit into the system."

ECB Governing Council member Christian Noyer said on Tuesday that the bank will do whatever is necessary to bring inflation in the Eurozone back below its target level of 2%, but will keep interest rates at their current level for the moment.

"Our big problem is to ensure that inflation returns below 2% next year," said Noyer in an interview with Luxembourg radio station RTL.

"We will do whatever is necessary for that. If needed we will move interest rates. We are keeping interest rates at 4% at the moment because that seems to us the appropriate level to bring prices back."

Welch is hosting a two-day seminar with 150 eminent Gulf business leaders, exclusively covered online by ArabianBusiness.com, showcasing his 21 years' experience as the head of GE where he grew the company's market value from $12 billion in 1981 to $400 billion in 2001.

'Winning Strategies with Jack Welch' runs in Dubai from April 21-22.

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