European finance ministers say US rates will be cut further
By Rod Cant CNN.com Europe business writer
January 27, 2001: 7:22 a.m. ET


DAVOS, Switzerland (CNNfn) - Top global finance politicians said on Saturday US interest rates have a long way to fall, thereby helping the world's largest economy from going into a decline.

The finance ministers of France and Germany shared a platform with recent US treasury secretary Larry Summers, Japan's vice-minister for finance Haruhiko Kuroda and Stanley Fischer, deputy managing director of the International Monetary Fund.

The group, meeting at the World Economic Forum in Davos, Switzerland, were roughly in agreement on most issues, although the feisty Summers did take issue with Kuroda's more upbeat assessment of Japan's economic prospects.

Most importantly, they agreed the scope for hefty US rate cuts - they voiced unanimous approval of the US Federal Reserve's recent reduction by half a percentage point - would prevent the US from sliding into recession.

"The aggressive action by the Fed was extremely welcome," according to Fischer, who predicted the economy would grow by up to 2.5 percent in 2001, with much of that impetus coming in the second half of the year.

Fischer admitted however, that forecasts were coming down, and said the IMF's prediction of global GDP for 2001 would likely be reduced from 4.2 percent to around 3.5 percent.

German finance chief Hans Eichel was happy to predict a relatively rosy future for Europe, though he warned that further shocks to the oil price could have a harmful effect.

His French counterpart Laurent Fabius said"the US correction was unavoidable, and said the European economy would take up the US's mantle"with confidence, but not complacency."

He received some grudging support from Summers, who worried that a European growth rate of around 3 percent for 2001 was not really strong enough to warrant the"terrific" tag, some observers had given it. Structural reforms remain necessary, claimed Summers.


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>European finance ministers say US rates will be cut further
>By Rod Cant CNN.com Europe business writer
>January 27, 2001: 7:22 a.m. ET
>
> DAVOS, Switzerland (CNNfn) - Top global finance politicians said on Saturday US interest rates have a long way to fall, thereby helping the world's largest economy from going into a decline.

Siehe dazu:
Bubbling Interest Rates
Memento Japan.

>The finance ministers of France and Germany shared a platform with recent US treasury secretary Larry Summers, Japan's vice-minister for finance Haruhiko Kuroda and Stanley Fischer, deputy managing director of the International Monetary Fund.
>The group, meeting at the World Economic Forum in Davos, Switzerland, were roughly in agreement on most issues, although the feisty Summers did take issue with Kuroda's more upbeat assessment of Japan's economic prospects.
>Most importantly, they agreed the scope for hefty US rate cuts - they voiced unanimous approval of the US Federal Reserve's recent reduction by half a percentage point - would prevent the US from sliding into recession.

Hoffen kann man ja.

>"The aggressive action by the Fed was extremely welcome," according to Fischer, who predicted the economy would grow by up to 2.5 percent in 2001, with much of that impetus coming in the second half of the year.

Wußte nicht, daß Fischer soviel von Wirtschaft versteht.

>Fischer admitted however, that forecasts were coming down, and said the IMF's prediction of global GDP for 2001 would likely be reduced from 4.2 percent to around 3.5 percent.
>German finance chief Hans Eichel was happy to predict a relatively rosy future for Europe, though he warned that further shocks to the oil price could have a harmful effect.

"Rosy future" wird Hans im Glück auch brauchen, sonst ist eben das Ã-l schuld.

>His French counterpart Laurent Fabius said"the US correction was unavoidable, and said the European economy would take up the US's mantle"with confidence, but not complacency."

Die Correction ist noch lange nicht vorbei. Wieder Wunschdenken.

>He received some grudging support from Summers, who worried that a European growth rate of around 3 percent for 2001 was not really strong enough to warrant the"terrific" tag, some observers had given it. Structural reforms remain necessary, claimed Summers.

Reformen welcher Art? Zinsen senken, um den Dollar zu stützen? Im Gleichschritt mit den USA inflationieren?


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