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To: tejek who wrote (46479)	7/6/2001 8:12:34 PM
From: andreas_wonisch	Read Replies (1) \| Respond to of 275872

Ted, Re: It doesn't make sense when Germany, Europe's major market, has shown six consecutive quarters of rising unemployment. Actually unemployment is falling in Germany for some time now (although the rate has slowed down). And opposite to the FRB the ECB's only official focus is price stability. However, their position on that has weakened somewhat although inflation is still a risk. The last rate cut (only by a more symbolic 0.25%) was applauded by the industry but there were also lots of critical voices. Andreas