More work needed to support global economy -Yellen

"We are going to be careful to learn the lessons of the (global) financial crisis, which is: 'Don't withdraw support too quickly,'" Yellen said, "And we would encourage all those developed countries that have the capacity... to continue to support a global recovery for the sake of the growth in the entire global economy."

Video Transcript

JANET YELLEN: We've decided to go big because we think that the risks are of severe scarring if we allow there to be long-term unemployment. And we're projecting a pretty rapid-- as we deal with the pandemic, we're expecting a rapid recovery. I'm hopeful we'll be back to full employment next year. And once we are, we're going to turn to a longer term agenda of investment-- investment in infrastructure and R&D, in people.

We are going to be careful to learn the lessons of the financial crisis, which is don't withdraw support too quickly. And we would encourage all those developed countries that have the capacity using fiscal policy and monetary policy to continue to support global recovery for the sake of growth in the entire global economy.