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To: Chispas who wrote (2830)	11/5/1997 8:24:00 PM
From: Alex	Read Replies (1) \| Respond to of 116820

Hey Chispas, Re: Soros............... kitco.com

To: Chispas who wrote (2830)	9/20/2000 7:01:30 AM
From: long-gone	Respond to of 116820

europe -------------------------------------------------------------------------------- IMF leans towards intervention to support embattled euro By Alan Beattie in Prague Published: September 19 2000 09:56GMT \| Last Updated: September 19 2000 16:35GMT The large industrialised countries should intervene jointly in the foreign exchange markets to support the euro, a senior International Monetary Fund official suggested on Tuesday. Presenting the IMF's twice-yearly world economic outlook, Michael Mussa, the Fund's economic counsellor, said that the weakness of the currency had now reached the point where it was becoming a problem rather than an embarrassment. "The circumstances in which major countries would want to use intervention are relatively rare but do arise from time to time," Mr Mussa said. "You have to ask: if not now, when?" He added that intervention had a much greater chance of success if it was co-ordinated between several countries. Mr Mussa's comments overshadowed an otherwise optimistic assessment by the IMF, although the organisation warned that higher oil prices were a risk to growth and inflation, particularly for developing countries. As expected, the IMF's baseline forecast predicted that the global economy will grow at 4.7 per cent this year and 4.2 per cent in 2001, with inflation in the advanced economies remaining low at 2.3 per cent and 3.1 per cent respectively. However, the Fund warned that the oil prices were now around 20 per cent higher than the assumption used for the forecast. According to its own estimates, this could increase inflation in industrial economies by over half a percentage point and in developing countries by over a full percentage point, leading central banks to raise interest rates and dampen economic growth by between 0.25-0.5 percentage points next year. Developing countries in Asia, which are relatively dependent on imported oil, would be particularly affected, the IMF said. The economic outlook predicted US economic growth at 5.2 per cent in 2000 and 3.2 per cent in 2001, with euro-zone growth set to outpace the US at a projected 3.4 per cent next year and Japan's economy picking up to 1.8 per cent growth in 2001. The Fund said that the UK economy would slow to 2.8 per cent growth next year from 3.1 per cent in 2000, but reiterated its controversial warning, made earlier this year, that the planned expansion in UK government spending announced in the March Budget would bolster domestic demand growth at an inopportune time news.ft.com