Europe eases

[Doug Henwood]

10 European central banks, including Germany's Bundesbank but not the Bank
of England, have just lowered interest rates, mostly to a common rate of 3%
(except Italy, 3.5%). European stock markets are ecstatic. Bundesbank boss
Hans Tietmyer denied that political pressure (meaning, in his case, from
the new SocDem government) had anything to do with it, but that's hard to
believe.

Doug