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To: lorne who wrote (42854)	10/13/1999 9:30:00 AM
From: lorne	Respond to of 116756

Camdessus says US economy could stand Dow setback PARIS, Oct 13 (Reuters) -- International Monetary Fund (IMF) Managing Director Michel Camdessus said on Wednesday a 20- to 25-percent fall in U.S. equities would not harm the booming U.S. economy. Camdessus, speaking before the French parliament, also said the European Central Bank (ECB) should avoid choking off the budding economic recovery currently taking place in the 11 countries of the euro zone. "The U.S. economy would not suffer from a 20- to 25-percent correction on Wall Street", Camdessus told the Foreign Affairs Commission of France's National Assembly. "A sharp drop on Wall Street is not a disaster for the American economy. It is not necessarily an apocalyptic event if the overall environment remains calm and supportive," also said Camdessus who stressed the U.S. expansion must slow down while the jury is still out about the strength of the Japanese recovery. U.S. equities suffered a sharp selloff on Tuesday as the Dow Jones industrial average fell 2.17 percent. Wall Street's selloff spilled over into European stocks early on Wednesday. "The ECB must be careful not to choke off the budding recovery," said Camdessus who praised the ECB for having conducted its monetary policy without being swayed by fluctuations in the euro. reuters.com