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To: Joseph G. who wrote (6714)	9/22/1998 1:42:00 PM
From: yard_man	Read Replies (2) \| Respond to of 86076

Layoff brokers? What for? cnnfn.com

To: Joseph G. who wrote (6714)	9/22/1998 2:00:00 PM
From: Joseph G.	Read Replies (1) \| Respond to of 86076

<<BRUSSELS, Sept 22 (Reuters) - European Central Bank President Wim Duisenberg ruled out on Tuesday any coordinated cut in European interest rates with the United States. Duisenberg said any cut would interfere with the process of interest rate convergence in the euro zone and a cut, in itself, would not solve the world's current financial problems. "We, in Europe, are very much in the process of the run up to monetary union and the final convergence of, among other things, interest rates in Europe in the direction of the level of where the majority of countries now are," he told the European Parliament's Subcommittee on Monetary Affairs. He added: "We don't want this process to be interrupted by moves in interest rates coordinated with whoever and especially not with those with significantly higher interest rates. We have come up in Europe, together with the United States, with the idea that there is no need nor room for coordinated interest rates." Duisenberg said that yield curves were very flat which "certainly does not indicate that real interest rates are at a high level". He added interest rates "cannot solve the entire problem" of the global financial turmoil. He cited Japan where the result of cuts in official rates "so far...are not very encouraging". >>