Sunday, 29 June 2008

Interest Rate in the EU

The European Central Bank (ECB) is poised to raise interest rates on Thursday, despite mounting evidence that Eurozone growth is faltering. At the conclusion of its 5 June policy meeting, the ECB signaled that it could very well raise Eurozone interest rates, from 4.00% to 4.25%, at its 3 July policy meeting. Specifically, ECB president Jean-Claude Trichet revealed that there were some members of the ECB's governing council who believed at the June meeting that there was a case for raising interest rates immediately. Others believed that interest rates would need to rise, but later, and a third group thought there was no need to raise interest rates. Trichet stated that the ECB is monitoring current events very closely, is in a "state of heightened alert," and could enact a small interest-rate hike next month.

Source: Global Insight Perspectives

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