>Duisenberg: I don't know. The surprise in April was a surprise not so much
>about the fact of moving, but about the size. The fact that we were moving
>in April was already widely discounted in the markets. The size may have
>been a surprise. And I would like to repeat that it is not our policy to
>catch markets by surprise. We do want to be predictable. We do want to be
>credible which doesn't rule out that, on some occasion in the future, we
>may be forced to surprise markets. That can then even be a part of policy.
>On the other hand, it is not our policy to do so. So what you can expect,
>that was your question, will there be a continued policy of going the
>other mile, as you put it, I would say: No, but then I don't know.
>
>------------------------------------------------------------------
>
>Anyone who can make heads or tails of this will get my vote for next
>year's Nobel Prize in Literary Analysis.
Translation: most of the time we'll prepare the markets for a rate move, but we want to reserve the option of surprising them, when that might be useful.
It's amusing to see a European speaking of miles; imperialism pops up everywhere!
Doug