RBA's Edey Confidence crisis no threat to recovery

AUSTRALIA - Fears that the global economic recovery has stalled have been overplayed, with Japan, the rest of Asia, and the United States growing steadily despite the crisis of confidence in stockmarkets, the Reserve Bank said yesterday.

RBA assistant governor Malcolm Edey, addressing an Australia-Japan business conference in Sydney, said anyone who believed the global economy was going backwards was wrong.

"Given the supportive policy settings (interest rates) in place around the world, it wou