Nearly one year after the sweeping Wall Street collapse jolted the world, the picture of the global economy remains muddy and slippery. How are the global bailouts having an effect? What efforts are still needed to heal the financial woes? Paul A.Volcker, Former Chairman of the Board of Governors of the U.S. Federal Reserve, gave his answers to these questions at a recent Institute of International Finance (IIF) press conference in Beijing. Edited excerpts of his comments follow.

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