Jean Claude Trichet | G.O.O.D

Posts Tagged “Jean Claude Trichet” Dec 04 2008 ECB’s Trichet Says Euro-Region Economy Will Contract Posted by: Joshuah in Economics, tags: Bank of England, Benchmark Rate, Brussels, Central Banks, Ecb, European Central Bank, Federal Reserve, Germany, Global Recession, Interest Rate, Jean Claude Trichet, Sweden Jean-Claude Trichet Source: Bloomberg.com: Germany European Central Bank President Jean- Claude Trichet said the euro region’s economy will shrink next year for the first time since 2003 after the bank delivered the biggest interest rate cut in its 10-year history. “Global and euro-area demand are likely to be dampened for a protracted period of time,” Trichet said at a press conference in Brussels today. The ECB lowered its benchmark by three quarters of a percentage point to 2.5 percent. The ECB’s decision came after the Bank of England today cut its key rate by one percentage point to 2 percent and Sweden’s central bank lowered borrowing costs by the most since 1992. The Federal Reserve’s benchmark rate now matches a five-decade low as central banks rush to respond to the global recession. “The level of uncertainty remains exceptionally high,” Trichet said. The euro was little changed after his comments and traded at $1.2634 at 3:16 p.m. in Brussels. Full Story Technorati Tags: European Central Bank No Comments »
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Creative Commons Attribution 3.0 United States

Creative Commons Attribution 3.0 United States