DIFFERENT VOICES

Date: 05/11/1998

“That is damn little, too little for a big offensive on the labour market that is supported solely by economic growth.” German Chancellor Gerhard Schröder commenting on the decision by the country's six leading economic institutes to cut their forecasts for growth next year to 2.3&percent; and calling on the Bundesbank and European Central Bank to use “all instruments” to allow the economy to grow.

“Perhaps it has escaped some people who are returning to Bonn now after a long time out of office, that the Bundesbank's independence and the primary importance of price stability are written in the constitution.” Bundesbank vice-president Jürgen Stark rebuking the bank's critics for undermining what he described as a 50-year-old German consensus on the need for central bank independence.

“It all seems exaggerated to me ... Germany too is obliged to stick to agreements.” Dutch Prime Minister Wim Kok rejecting fears voiced by the Dutch Liberal leader that Germany's new government could undermine the euro.

“It is not the best thing for the Irish economy at this time, but if you are a small country, you often have to live with the preferences of other people.” Irish Central Bank governor Maurice O'Connell saying Ireland, which must cut its interest rates before the single currency is launched in January, would prefer to hold them steady if it had the choice.

“The current financial crisis marks an important turning point in the process of globalisation. It has created pressures for more, not less, international cooperation across a much broader policy front.” World Trade Organisation director-general Renato Ruggiero urging the EU and Japan to play a key role in forging a new consensus for managing the world economy.

“This government has decisively and unambiguously put this country on a new road of constructive engagement with Europe.” British Finance Minister Gordon Brown announcing plans to draw up a change-over strategy to prepare the UK for possible entry into the euro-zone.

“Everybody is getting weary of dealing with Saddam Hussein.” US Defence Secretary William Cohen attacking Iraq's decision to ban United Nations' weapons inspections until crippling eight-year sanctions are lifted.