World credit insurers voice concerns if Eurozone politicians do not take the right decisions this week.
“Despite the co-ordinated Central Banks’ actions over the last months we need quick and powerful solutions this week”, says Johan Schrijver, President of the Berne Union. This is the world association of export credit insurance companies, insuring annually $ 1.5 trillion, or roughly 10% of world cross-border trade.
“No decisions will lead to a decline in world trade in both developed and developing countries. The Eurozone is not only the world’s major exporter, but also a major destination for exports from other countries. The Euro’s volatility has led to a sharp drop in trade confidence, while trade is the most important medicine for the financial crisis. The Berne Union sees a strong increased awareness of credit and political risk and that underlines the urgency of the situation.”