The Honorable Robert B. Zoellick, President of The World Bank, made his second appearance at the Economic Club. He first spoke in January 2008 when he participated in a wide-ranging discussion with Public Broadcasting news correspondent Judy Woodruff.
A focus of Mr. Zoellick’s dialogue with President David M. Rubenstein during this appearance was his tenure as President of The World Bank. Mr. Zoellick will be leaving that position on June 30. Mr. Zoellick also discussed the current global economic state of affairs, especially the crisis within the European Union. He expressed concern about the potential “ripple effect” of Greece exiting the eurozone and the impact that would have on the economies of Spain and Italy. He compared the situation with the 2008 collapse of Lehman Brothers and repercussions that had for financial markets around the world.
One potential solution Mr. Zoellick endorsed for resolving the crisis was allowing the European Union to issue “eurobonds” for a limited time to help stabilize the European economy. He also suggested using the European Stability Mechanism fund, an emergency rescue vehicle for the 17-member Eurozone to match funding with economic reform.
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