Remarkable transformation in Indian, Chinese economies, says US Fed chief Ben Bernanke
"They (in Europe) are working to develop a banking union where bank regulation would be done throughout the euro-zone by the ECB or some other agency, and that would strengthen the European banking system and make it less dependent on the individual countries.
So steps are being taken in Europe which I hope will help stabilise that situation over time," Bernanke said in response to a question.
Stating that global growth has been somewhat slower for a variety of reasons, he said much of Europe is in at this point following the very difficult financial problems.
"Some emerging market economies have slowed for a variety of reasons. The slowdown in China was at least partly a policy goal to try to create a more sustainable and stable growth path and to try to shift the sources of demand in China from foreign buyers – exports – to domestic demand," he said.