4 July 2001, 14:42 US Tsy Says O'Neill Not To Lean on ECB for Lower Rates
U.S. Treasury Secretary Paul O'Neill does not plan to put indirect pressure
on the European Central Bank to lower interest rates further when he
meets with finance ministers from Europe and other industrial nations in
Rome Saturday, a senior Treasury official said Tuesday. The senior
official acknowledged there may be "differences of opinion" with the
Europeans, but said O'Neill does not plan to advise them on monetary
policy. The ECB will not be directly represented at the finance
ministers portion of the annual Economic Summit, which does not include
central bankers the way regular G-7 meetings do. The senior official
praised Japan's economic and financial reform plans and said he does not
expect them to have "severe" short-term repercussions. On the contrary,
he said he expects there to be some "offsetting positive effects."
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