Bank Of England Deputy Governor Addresses Annual Bank Meeting In Wyoming

August 25, 2008 1:31 p.m. EST

Jackson Hole, WY (AHN) - New Bank of England Deputy Governor Charles Bean warned on Monday that the current global economic slowdown may last for years. Bean compared the current international financial climate to one seen in the 1970s, adding that the stability of oil prices and credit markets might be the only solution.

Bean told the yearly gathering of the world's top central banks held at Wyoming, "We've got our fingers crossed that things will improve. But there is the recognition that there is still a long way to go yet... It looks like it will drag on for some considerable time further yet."

The U.K. experienced zero economic growth for the second quarter of 2008, which Bean described as a transitory period that Britain will overcome.

Bean conceded, "It's going to be a tricky period. Household real income is very low. That will make it difficult for households and there are difficult social issues that will arise."