French Pres: Coordinated Rate Cuts “Excellent Decision”
By Daniel at 8 October, 2008, 8:56 am
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EVIAN, France (Dow Jones)–French president Nicolas Sarkozy Wednesday said that
the coordinated rate cuts by several central banks around the world earlier in
the day was an “excellent decision.”
Speaking to journalists on the fringes of the World Policy Conference in Evian,
eastern France, Sarkozy said the rate cuts address the current economic
situation. He didn’t elaborate.
In a surprise move earlier Wednesday, the Federal Reserve, European Central Bank,
Bank of Canada, Bank Of England and Sweden’s Riksbank cut rates by 50 basis
points, while China’s Central Bank cut rates by 27bps and the Swiss National Bank
by 25bps.
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