Sovereign debt won't derail recovery, says Fed official

A senior American central banker says the global recovery is gaining pace and won't be derailed by the problems of sovereign debt in the developed world. "There will be no double-dip," says James Bullard, chief executive and president of the Federal Reserve Bank of St Louis, and a participant on the Federal Open Market Committee, which decides US monetary policy. He says his personal belief is that Asian economic leadership will continue to drive economic expansion. The biggest risk t…