The European Central Bank has dismissed talk of a coordinated cut in global interest rates

Date: 24/09/1998

to stave off the threat of a world slump. ECB President Wim Duisenberg told the European Parliament that there was “no need nor room for coordinated interest rate cuts”. He admitted that the crises in Asia, Latin America and Russia would certainly have an impact in Europe but said it would only be slight, “some decimal points” lower than earlier forecasts, but growth would still be “well in excess of 3&percent;”. Economics Commissioner Yves-Thibault de Silguy told MEPs that growth in the EU this year would be 2.8&percent;.