By Denny Gulino and Rica Shelton Caughman
JACKSONVILLE, Fla. (MNI) – The Federal Reserve is well aware of the
special role the dollar plays in the global financial system and a
strong U.S. economy is what will help the dollar the most, Fed Chairman
Ben Bernanke told students Friday afternoon.
“The first goal we have is to meet our mandate to get price
stability and maximum employment in the United States,” the Fed chairman
answered to a question from a Jacksonville University Davis College of
Business class.
“Now we recognize — I think it’s important to emphasize — that a
recovering economy is critical not just for Americans but it’s also
critical for the global recovery,” he continued.
“So in that respect,” he added, “it’s very important that we do
achieve a successful recovery in the U.S..
The best outcome for the dollar, he said, “will come when the
economy is growing stronger.”
“All that being said,” Bernanke continued, “we do pay attention to
other issues and in particular we certainly are aware that the dollar
does play a special role in the global economy in the international
financial markets.”
Bernanke made the 78-mile hop to Jacksonville during the Fed
gathering at Jekyll Island, Ga. to commemorate the 100th anniversary of
the secret meetings there among bankers and business magnates after the
financial panic of 1907 that led to the transformation of the National
Monetary Authority into the Federal Reserve System.
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** Market News International Washington Bureau: 202-371-2121 **
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