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To: Richnorth who wrote (86639)	6/8/2002 2:59:47 AM
From: davemarkun	Read Replies (1) \| Respond to of 116871

No I dont speak and write it but Ive been there Dick. Maybe you should speak to Anwar and ask him about your perceptions of Democracy. No Anwar is not a local rug salesman.dsm

To: Richnorth who wrote (86639)	6/8/2002 10:44:45 AM
From: long-gone	Respond to of 116871

European Central Bank holds interest rates steady; bank chief says inflation outlook darker despite euro rally Thu Jun 6,12:51 PM ET By DAVID McHUGH, AP Business Writer FRANKFURT, Germany - The European Central Bank put off raising interest rates Thursday, with President Wim Duisenberg saying the bank would wait to size up Europe's still-uncertain recovery and an inflation outlook that has darkened despite a rally by the euro. The bank's governing council left its key minimum refinancing rate unchanged at 3.25 percent, where it has been since Nov. 8. Duisenberg, whose chief task is keeping inflation under control, said at a press conference that the prospects for keeping prices headed downward were "less satisfactory than expected a few months ago." Worries about inflation put pressure on the bank to raise the refinancing rate, which sets the cost of 14-day loans to commercial banks, and economists think it will do so later this year. Higher interest rates help hold down inflation. But if applied too soon they could brake the economy just as it begins to gather steam by making it costlier for businesses to expand. The stronger euro — which Duisenberg called "very welcome" — helps buy the bank time by making imports cheaper. It has risen 8 percent since early April, from 87 U.S. cents to over 94 cents. "This will contribute to containing inflationary pressures, but it is still too early to assess the impact of exchange rate developments on the outlook for prices," Duisenberg said. Inflation in the 12 countries using the euro eased to 2 percent in May from 2.4 percent in April, according to preliminary estimates, in line with the bank's 2 percent target ceiling Still, Duisenberg pointed to recent wage settlements as a source of concern. While he didn't name any countries, Germany's largest manufacturing union recently won a 4 percent annual increase. Postal and construction workers are among other groups currently at loggerheads with German employers over pay. The May inflation figure also looked good thanks to a spike in the same month last year — an effect that will disappear in June. Duisenberg was asked if it was significant that he left out his usual description of interest rate levels as "appropriate." "I did point out some increased risks for price stability, so it's not by chance that you didn't see the word 'appropriate' any longer in my statement," he said, though quickly added that the omission didn't mean the bank had a "bias" toward raising rates. On the economy, Duisenberg said the signs were pointing toward increased growth later this year. The 12 countries using the euro expanded 0.2 percent in the first quarter, after a 0.3 percent contraction in the last three months of 2001. He said surveys of business and consumer confidence also supported predictions of more growth.(cont) story.news.yahoo.com