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Thu 10 Oct 2008Global response in all our interest
A MEASURE of the seriousness of the crisis that faces global financial markets was the unprecedented co-ordinated action yesterday by the world's major central banks.
The US Federal Reserve, the European Central Bank and four other central banks cut interest rates by 0.5 of a percentage point in their attempt to avert a global recession. Their bold action was an acknowledgement that the world economy is facing its greatest crisis since the Great Depression. The interest rate cut was necessary but it should have come much sooner.
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