Commissioner Buncamper is hopeful that intervention of several Central Banks will bring back investor and consumer confidence
Commissioner of Economic Affairs Maria Buncamper-Molanus, who continues to monitor the global financial crisis, is hoping that the intervention of six Central Banks in Europe as well as the United States Federal Reserve on Wednesday will bring back investor and consumer confidence.
Last week the financial crisis which was confined to the United States of America shifted to Europe and Asia this week resulting in governments across the globe having to intervene in trying to bring order to the global financial crisis.
On Wednesday Central Banks cut their interest rates in what has been termed as an unprecedented step aimed at steadying a faltering global economy and slumping stock markets.
European financial markets reacted well on Wednesday after the action was taken by the Central Banks.
"The move is most welcomed and it can be considered bold and decisive. I am now hoping that the coordinated moves by the European and US Central Banks will avert a further slide into a global economic recession.
"Our tourism-based economy is not immune to these international events and as a government we have been monitoring the situation very closely and we will continue to do so.
"Global economic experts have stated that additional measures will have to be taken to sure-up the financial system in order for the markets around the world to have the confidence to shift the global economy out of this crisis.
"I call on the community to be responsible with respect to your spending habits and to budget carefully," Commissioner of Economic Affairs Maria Buncamper-Molanus told the Government Information Service (GIS).