Ben Bernanke defends US Fed actions to battle recession

By: | Published: October 6, 2015 8:33 AM

Former Federal Reserve Chairman Ben Bernanke says the U.S. economy is outperforming Europe at the moment because the Fed moved more quickly and aggressively to fight the 2008 financial crisis than Europe did.

Former Federal Reserve Chairman Ben Bernanke says the U.S. economy is outperforming Europe at the moment because the Fed moved more quickly and aggressively to fight the 2008 financial crisis than Europe did.

Bernanke, writing an opinion piece in the Wall Street Journal, says that U.S. economic output is 8.9 percent higher than its previous peak before the recession. That is ”an enormous difference” from the Eurozone, where output is only 0.8 percent higher than its previous peak.

Bernanke says those differences are the result of more aggressive efforts by the Fed to jump-start economic growth. He said the Fed started six years ahead of moves by the European Central Bank.

His opinion piece is part of the launch of his book on his years as Fed chairman.

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