London-Basel express

September 6, 2009

Having wrapped up the two-day get-together in London, G20 central bankers moved down to the Swiss city of Basel (I counted central bank governors and officials from at least 9 countries onboard the same flight) to discuss more about the global economy for a two-day meeting.

The focus here again is the global economic recovery, which seems to be gathering momentum, and the timing of exit policy — which is essential in the future to avoid inflationary pressure.

The mood is decidedly more positive this time than the last time they met in Basel, where they warned that unprecedented attempts to stimulate economic may fail to bring a sustainable recovery.

G10 chairman and ECB President Jean-Claude Trichet will give a briefing on Monday.

Trichet has recently been sounding as if he expects a double-dip recession, as our European affairs columnist Paul Taylor suggests here.

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