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To: Alex who wrote (21672)	10/14/1998 10:23:00 PM
From: goldsnow	Respond to of 116753

Alex, Brezhnev has suffered a stroke but continued to preside over the USSR, his speech was slurred (he never was a particularly articulate or educated man to begin with) The Irony - it is a de ja vu with Yeltzin.... European central bank asserts its independence By Sheryle Bagwell, London The fledgling European Central Bank has made it clear it will defend its independence against attempts to influence monetary policy once the single currency is launched on January 1. The ECB president, Mr Wim Duisenberg, said that the bank would not buckle under "policy activism" from the 11 nations which have signed up to the euro. Germany and France have increased pressure on their central banks recently to ease the availability of credit. Speaking after a meeting of the ECB's governing council in Frankfurt, Mr Duisenberg rejected calls for global, co-ordinated interest rate reductions and a reassessment of capital controls. He described such proposals as "inappropriate" and likely to "only contribute to compounding the uncertainties which underlie the prevailing global market volatility". Mr Duisenberg's rejection of the idea first proposed by the US President, Mr Bill Clinton, that leading industrialised nations should co-operate to boost growth, also clearly puts him at odds with the leaders of Germany and France. Mr Duisenberg said the convergence of interest rates towards the "lower end of the current range prevailing in the euro area" was the best way for Euroland to head. The advent of centre-left governments in Germany and France has reinvigorated the lobby for public sector spending in Europe to create employment and counter the effects of the emerging markets crisis. Mr Duisenberg attempted to dampen this mood too, saying that the ECB would "monitor closely the fiscal intentions in the euro member states". He said the budgetary positions in several member states were still "far from being close to balance or in surplus as required by the stability and growth pact". The pact requires euro members to bring their Budget deficits to under 3 per cent of GDP, or face penalties. The bank, however, backed "structural improvements" at the global level that would tackle the mounting crisis by enhancing transparency in both the public and private sectors; and strengthen domestic banking systems, particularly in emerging markets. Mr Duisenberg said the ECB had decided to adopt a "distinct" strategy for setting monetary policy that combined money supply and inflation-targeting. The primary objective would be to maintain price stability, or defend an inflation rate across the euro area of "below 2 per cent". afr.com.au