Belgian FinMin calls for interest rate cut

11th May 2004, Comments 0 comments

11 May 2004, BRUSSELS - Interest rates in the euro zone are too high and should be cut to help flagging economies in Europe, the Belgian Finance Minister said on Tuesday.

11 May 2004

BRUSSELS - Interest rates in the euro zone are too high and should be cut to help flagging economies in Europe, the Belgian Finance Minister said on Tuesday.

Finance Minister Didier Reynders made the comments as he arrived for a meeting of EU finance ministers in Brussels.

"If there is no problem with inflation, there is no reason to talk about a bad decision on monetary policy," Reynders told reporters.

"I'm sure it could be useful to have a reduction," he added.

Earlier on Tuesday the Paris-based Organisation for Economic Co-operation and Development (OECD), which represents many of the world's richest countries, suggested the European Central Bank should cut interest rates by around half a percent.

Such a move would give a boost to the eurozone's economy, the OECD argued.

[Copyright Expatica 2004]

Subject: Belgian news

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