Fed Chairman Ben Bernanke said Europe's financial troubles have eased, but added the U.S. central bank would be ready to act if conditions worsened again, according to CNBC and written testimony to Congress released late Tuesday.
"In the past few months, financial stresses in Europe have lessened, which has contributed to an improved tone of financial markets around the world, including in the United States," Bernanke said in testimony prepared for a House hearing Wednesday.
Bernanke stresses, however, that a full resolution of the crisis "will require a further strengthening of the European banking system; a significant expansion of financial backstops, or “firewalls,” to guard against contagion in sovereign debt markets."
Bernanke also said that the exposure of US banks and money market funds to Europe remains a worry.
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