ST. PETERSBURG, June 21 (Itar-Tass) — Vikram Pandit, the chief executive director of Citigroup INC, believes that political steps are necessary to improve the situation in global economy.
The future of the world economy will depend on how well the euro area is going to cope with its problems, primarily the outstanding debts of a number of sovereign states. The American-born banker who attended a roundtable meeting ‘Investment Banking in the 21st Century: New Models for New Ear’ at the International Economic Forum in St. Petersburg said that the current state of uncertainty was unprecedented for contemporary world.
Apart from the euro area crisis and the U.S. growing foreign debt, the world markets are being influenced by the complex situation in the Middle East which Pandit believes could lead to a hike in energy prices.
Viktram Pandit also added that a change of political leaderships expected to take place in 32 countries next year could alter the situation in its core.
Mr. Pandit urged the world governments to take fast actions before it’s too late. Then, even the right steps will be unable to stop market changes, the expert said.