Cooperation is key in responding to credit woes

October 19 2007 MarketWatch.com Policymakers must redouble efforts to smooth global imbalances or risk major economic disruptions as world financial markets continue to digest the subprime credit crisis, the European Union's top economic official warned Thursday. Global financial markets have entered "a period of uneasy calm. But it would be premature to rule out further problems emerging in the weeks or even months ahead," said Joaquin Almunia, the European Union's commissioner for economic and monetary affairs, in a speech delivered at Johns Hopkins University. He said the way in which the current credit crisis began in the U.S. mortgage market and quickly spread to international credit markets underscores the need for improved international coordination between policymakers around the globe.

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