The rather bullish global equity markets today do not signify a recovery from the protracted economic slump but are instead driven by worldwide monetary policies that have increased liquidity, the chairman of the World Federation of Exchanges said Tuesday.

“We continue to see bull markets in many equity markets of the world,” said Andreas Preuss at the WFE 54th General Assembly held in Seoul. “However, this is largely driven by a very generous monetary policy aimed at stimulating growth in the wake of the recession the world economy has plunged into.”

Over the past years since the global financial crisis landed in 2008, the U.S., Japan and the eurozone, among others, have used quantitative easing to boost liquidity and growth. (Yonhap)