{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='FEDERAL RESERVE CHAIRMAN COMMENT ON EUROPE ECONOMY' data-url='/boclips/videos/5c54bb7ad8eafeecae1255cd' data-video-url='/boclips/videos/5c54bb7ad8eafeecae1255cd' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nFEDERAL RESERVE CHAIRMAN COMMENT ON EUROPE ECONOMY\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eUS Federal Reserve Chairman Ben Bernanke said the Federal Reserve is prepared to take further steps to lift the US economy if it weakens.  But he didn't signal any imminent action in testimony before a congressional panel on...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eUS Federal Reserve Chairman Ben Bernanke said the Federal Reserve is prepared to take further steps to lift the US economy if it weakens.  But he didn't signal any imminent action in testimony before a congressional panel on Thursday.\u003cbr/\u003eTestifying before the congressional Joint Economic Committee, Bernanke said the European debt crisis poses significant risks to the US financial markets. He noted that US unemployment remains high and the outlook for inflation subdued.\u003cbr/\u003e\"The crisis in Europe has affected the US economy by acting as a drag on our exports, weighing on business and consumer confidence, and pressuring US financial markets and institutions,\" he said. \u003cbr/\u003e\"European policymakers have taken a number of actions to address the crisis, but more will likely be needed to stabilise euro-area banks, calm market fears about sovereign finances, achieve a workable fiscal framework for the euro area, and lay the foundations for long-term economic growth,\" the Fed chief added.\u003cbr/\u003eBernanke said that he expects economic growth to continue at a moderate pace this year.  And he said the Fed stands ready to take further action to protect the US economy.\u003cbr/\u003e\"As always, the Federal Reserve remains prepared to take action as needed to protect the US financial system and economy in the event that financial stresses escalate,\" he said.\u003cbr/\u003eThe Fed could buy more bonds to lower long-term interest rates, which would encourage more borrowing and spending. Or it could extend its plan to keep short-term rates near zero beyond late 2014.\u003cbr/\u003eBut most economists don't expect further moves at the Fed's next policy meeting on June 19-20, despite some signals from other Fed members in recent days. \u003cbr/\u003eFor one thing, long-term rates have already touched record lows. Even if rates did decline further, analysts say they might have little effect on the economy.\u003cbr/\u003eThe US economy added 252-thousand jobs a month from December through February. Since then, job growth has slowed to a lacklustre 96-thousand a month. In May, US employers added just 69-thousand jobs - the fewest in a year. \u003cbr/\u003eLike many economists, Bernanke said an unusually warm winter may have accelerated some hiring that normally would have taken place in spring. That may have weakened hiring in April and May.\u003cbr/\u003eStill, Bernanke said a key question is whether some of this winter's hiring was done to make up for excessive job cuts that took place during the recession. If that's the case, and those companies have mostly completed the so-called \"catch-up\" hiring process, then stronger economic growth would be needed to bring hiring back to healthier levels.\u003cbr/\u003eAsked what he believes are the key lessons the US should take from the European financial crisis, Bernanke said he feels a \"sensible fiscal policy is one that takes into account both the short run needs of the economy, not to lose fiscal support sharply and rapidly during a period of fragile recovery, while at the same time, combining that with a medium term plan.\"\u003cbr/\u003eAnd he said that is where he \"would differ with at least a few of the countries in Europe.\"\u003cbr/\u003e1. Wide of US Federal Reserve Chairman Ben Bernanke walking into hearing room\u003cbr/\u003e2. Wide of Bernanke sitting at witness table\u003cbr/\u003e3. Mid of Joint Economic Committee members\u003cbr/\u003e4. SOUNDBITE: (English) Ben Bernanke, Federal Reserve Chairman:\u003cbr/\u003e\"Concerns about sovereign debt and the health of banks in a number of euro-area countries continues to create strains in global financial markets. The crisis in Europe has affected the US economy by acting as a drag on our exports, weighing on business and consumer confidence, and pressuring US financial markets and institutions. European policymakers have taken a number of actions to address the crisis, but more will likely be needed to stabilise euro-area banks, calm market fears about sovereign finances, achieve a workable fiscal framework for the euro area, and lay the foundations for longer-term economic growth.\"\u003cbr/\u003e5. Wide of committee room as Bernanke testifies\u003cbr/\u003e6. SOUNDBITE: (English) Ben Bernanke, Federal Reserve Chairman: ++INCLUDES CUTAWAYS++\u003cbr/\u003e\"The situation in Europe poses significant risks to the US financial system and economy and must be monitored closely. As always, the Federal Reserve remains prepared to take action as needed to protect the US financial system and economy in the event that financial stresses escalate.\"\u003cbr/\u003e7. Mid of Bernanke testifying\u003cbr/\u003e8. SOUNDBITE: (English) Ben Bernanke, Federal Reserve Chairman:\u003cbr/\u003e\"A sensible fiscal policy is one that takes into account both the short run needs of the economy, not to lose fiscal support sharply and rapidly during a period of fragile recovery, while at the same time, combining that with a medium term plan to - I mean, we do have to address these fiscal sustainability issues - so, I don't think it's inconsistent to do both of those things and that's where I would differ with at least a few of the countries in Europe.\"\u003cbr/\u003e9. 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