Banking Latest News: Emerging Markets Mania was a Costly Mistake: Goldman Executive

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Banking Latest News: Emerging Markets Mania was a Costly Mistake: Goldman Executive

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Banking Latest News: Emerging Markets Mania was a Costly Mistake: Goldman Executive

by Wochit 0:49 mins

Banking Latest News: Emerging Markets Mania was a Costly Mistake: Goldman Executive

by Wochit 0:49 mins

Investors who wrongly called time on U.S. economic supremacy during the financial crisis are set to pay a hefty price for betting too much on the developing world. The U.S. investment bank helped inspire a twenty-fold surge in financial investment in China, India, Russia and Brazil over the past decade, its chief economist popularizing the term BRICs in a 2001 research paper. The European Central Bank has left its key interest rate unchanged at a record low 0.5 percent, holding off on more stimulus as it waits for a recovery in the 17 European Union countries that use the euro. The European Central Bank left interest rates unchanged and will try to reassure investors rattled by new turmoil in Europe and the U.S. Federal Reserve's plans to begin winding up its stimulus.

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