Fin24

Bernanke vows to shield US from EU woes

2012-02-07 18:01

Washington - Federal Reserve Chairman Ben Bernanke on Tuesday renewed a pledge to prevent Europe’s financial crisis from damaging the US economy in testimony before Congress that mirrored remarks he made last week.

“We are in frequent contact with European authorities, and we will continue to monitor the situation closely and take every available step to protect the US financial system and the economy,” Bernanke said in remarks prepared for delivery to the Senate Budget Committee.

The Fed chairman maintained a cautious tone on the US outlook and did not refer to surprisingly strong US jobs data released on Friday.

“We still have a long way to go before the labour market can be said to be operating normally,” he said, employing language identical to remarks delivered on Thursday before the House budget panel.