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To: Ilaine who wrote (97258)	4/23/2001 3:52:41 PM
From: pater tenebrarum	Read Replies (2) \| Respond to of 436258

the ECB's mandate doesn't include helping to prop business sentiment. its mandate is to keep firm the internal and external value of the currency, period. i'm just pointing this out in order to avoid confusion over the ECB's alleged "stubborness". as long as inflation and money supply growth remain above the ECB's stated targets, it has no reason to cut rates. of course it will probably react if economic growth really tanks, but it rightly perceives Europe's structural economic problems as outside of its ambit, and not curable with monetary policy quick fixes.