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Gold/Mining/Energy : Gold Price Monitor

GDXJ 121.87

+3.9%

4:00 PM EST

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To: Broken_Clock who wrote (19662)	9/24/1998 9:20:00 PM
From: goldsnow	of 116842

in short IMF conduct is private and not impeachable.... IMF says world in economic 'mess' but no recession WASHINGTON, Sept 24 (Reuters) - The world economy is "in a mess" at present, but is not likely to tumble into recession, a senior International Monetary Fund official said on Thursday. "Serious as the situation may be, we believe that we are not going to a world recession, that next year could show a beginning of picking up again," the official, speaking on condition he was not identified, said at a briefing. But he said this would not be achieved without effort, noting that Japan needed to intensify its program of bank and fiscal reform to help the world economy recover. Asked about the chance of for coordinated interest rate cuts to stimulate growth, the official said different economic conditions on the two sides of the Atlantic meant monetary authorities' response to the financial problems could not be symmetrical. But a decision by the Group of Seven industrialized countries that they should worry about the risks of a slowdown rather than the risks of inflation meant that European interest rates should be able to converge at a lower level when Europe introduces its single currency. "During the beginning of the summer you could have the impression that ... European convergence could be made half way between the highest and the lowest (interest rate among countries planning to introduce the euro currency)," he said. "Taking into consideration this shift in concerns ... the convergence could be made at the lowest present level of interest rates and this is part of the solution we would favor here." business-times.asia1.com.sg

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