Wellink Says Economic Impact of Turmoil Still Unclear |
| Bloomberg - May 26, 2008 |
European Central Bank council member Nout Wellink said it's still unclear how badly financial-market turmoil will hurt the economy.
``We're still in the midst of the rebalancing process, the markets are still fragile,'' Wellink, who also heads the Dutch central bank, said in a speech at the University of Groningen today. ``We do not know exactly what the impact from this will be on the economy.''
The ECB has refrained from following the Federal Reserve in cutting interest rates after the U.S. housing slump pushed up credit costs and rattled financial markets, threatening economic growth. The ECB is concerned faster inflation will fuel wage demands and prompt companies to pass on higher costs.
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- Posted: 2008-05-26 08:29:38
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