Bank's Broadbent says economic pain has purpose

December 20, 2011 8:35 PM EST

The economy is in a painful period of transition, but it is more able to cope with "shocks" than before the financial crisis, Bank of England policymaker Ben Broadbent said in an interview published on Tuesday.

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"The system is better placed to deal with some of the shocks that come along compared with 2008/9 ... some of the pain is clearly with a purpose," the Independent reported Broadbent as saying.

"It's been a very tough road and a far slower recovery than would usually be the case," he said, citing problems in the banking system, according to the paper.

(Reporting By Alessandra Prentice; Editing by Gary Hill)

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