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"and the European Central Bank cut interest rates,"
Can you explain this a bit more? The leading interest rate of the ECB remained stable. All intervention had at least a small penalty rate. How has the ECB cut interest rates?

Der Amerikaner ist die Orchidee unter den Menschen
Volker Pispers
by Martin (weiser.mensch(at)googlemail.com) on Tue Feb 26th, 2008 at 05:46:23 PM EST
I had the same reaction when I read the paper. In fact, IIRC, the ECB was planning to raise its rates and just maintained them. And, more recently,  they resisted to strong pressures to cut them.

"Dieu se rit des hommes qui se plaignent des conséquences alors qu'ils en chérissent les causes" Jacques-Bénigne Bossuet
by Melanchthon on Tue Feb 26th, 2008 at 06:34:54 PM EST
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