EU says we won't copy US monetary policy
European policy makers signaled little intention of pursuing U.S.-style tax and interest-rate cuts to support their stumbling economy. Meeting for the first time since the 15-nation euro region's economy contracted in the second quarter, finance ministers and central bankers in Nice, France, said restraining inflation and budget deficits remained more important than stimulating expansion.
Spending taxpayers' funds on fiscal programs to spark growth would be ``like burning money,'' German Finance Minister Peer Steinbrueck told reporters. European Central Bank President Jean-Claude Trichet said inflation remains ``much higher than our definition of price stability.''
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