IMF Chief Economist Says Crisis Will Last a Decade

The world economy will take at least (sob!) 10 years to emerge from the financial crisis that began in 2008, the International Monetary Fund's Chief Economist Olivier Blanchard said in an interview published on Wednesday.

Blanchard told Hungarian website Portfolio.hu, in an interview conducted on September 18, that Germany would have to accept higher inflation and a real strengthening of its purchasing power as part of the solution to Europe's problems.

But even though the focus was on Europe's troubles now, he said, the United States also had a fiscal problem which it had to resolve.

"It's not yet a lost decade... But it will surely take at least a decade from the beginning of the crisis for the world economy to get back to decent shape," Blanchard said….

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