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To: uu who wrote (1885)	1/29/1999 6:11:00 PM
From: Risky Business	Read Replies (2) \| Respond to of 1936

bigcharts.com Interesting

To: uu who wrote (1885)	2/1/1999 2:07:00 AM
From: Risky Business	Respond to of 1936

European inflation falls again The value of the euro continues to fall A further cut in European interest rates is on the cards following a fall in inflation across the 11 countries that have chosen to adopt the euro, Europe's new single currency. The prospect of a cut in interest rates when the European Central Bank meets to set the cost of borrowing next Thursday, has caused the euro to fall to new lows against the pound and the US dollar. ECB President Wim Duisenberg has responsibility for setting interest rates The euro fell below $1.14 and 69p, its lowest level against the dollar since it began trading on 4 January. A fall in a country's interest rates usually means the value of the domestic currency falls as investors seek a higher return on their cash elsewhere. There is also growing pressure from leading European politicians to cut interest rates to reduce unemployment, which has risen to alarming levels in recent years. The annual inflation rate in the 11 nations fell to 0.8% in December, the European Union's statistics agency reported. The fall continued the steady decline of inflation in the eurozone over the past year. Annual inflation stood at 0.9% in November and 1.5% in December 1997. The figures raise fears that the European economy is heading for a period of deflation, characterised by flat or falling prices.

To: uu who wrote (1885)	2/1/1999 2:10:00 AM
From: Risky Business	Read Replies (1) \| Respond to of 1936

UK to join euro 'soon' Duisenberg: We need the UK, the UK needs us The President of the European Central Bank has said he believes Britain will join the single currency sooner rather than later. Wim Duisenberg's interview with the BBC's Jonathan Charles in full Wim Duisenberg was interviewed on BBC2's The Money Programme. The UK Prime Minister Tony Blair has continually insisted that his government is keeping an open mind on the subject. His line has always been that the UK will sign up to the euro if and when it is in Britain's interest to do so. Will everyone cheer if the UK enters the euro? Now, the man charged with managing the European Union's central bank, Mr Duisenberg, says he believes Britain will join up to the single currency. Mutual benefit In his first interview since the launch of the euro on 1 January, Mr Duisenberg said: "I think it [the UK] will join. I hope it will join and I hope it will join sooner rather than later. "We need Britain and I think Britain needs us." In a wide-ranging interview, Mr Duisenberg put forward reasons why the UK should be part of the single currency. Britain's status as a trading nation will be enhanced by membership, he said. "If you do away with the exchange rate for almost - in the case of the UK - one half of your international trade, that will be of enormous benefit to the people and industry and the service sector in the United Kingdom." The quest for convergence But Mr Duisenberg warned that Britain would have to work hard to bring its economy into line with the rest of Europe. Duisenberg: Does not always listen to politicians He said: "You would have to harmonise your economic developments, and you would have - in order to make it credible for the exchange rate to be irrevocably locked to the euro - you would have to prove, not a in a formal sense but to demonstrate, that the developments in your economy have been brought more or less in line with the rest of the area." Mr Duisenberg's remarks highlighted some of the concerns the UK has in joining the euro, in giving away power to set interest rates to the European Central Bank, in Frankfurt. Mr Duisenberg made it clear he intends to resist calls from politicians for lower interest rates in euroland despite fears of a recession. He intimated he will stick to clear monetary and fiscal policies and will not indulge in decisions which may give political quick fixes. Mr Duisenberg said: "The tension is always there, whether it is from finance ministers from this or that country. I might almost say I'm used to that tension, to pressure. And I'm also used to withstanding that pressure." Mixed signals As to whether Europe was heading for a recession, Mr Duisenberg said the matter was still unclear. He went on: "We see industrial confidence and industrial production slowing down. On the other hand we see consumer confidence, retail sales remaining at very high levels. "We expect some slowdown and we also expect a pick-up in the economy towards the end of the year. "If there were signs of deflation then the lowering of interest rates would be justified, but we are not there yet."