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To many analysts that suggested that Europe's central bank — despite its sharp shift away from worries about inflation and its participation in a globally coordinated rate cut last month — was still not willing to engage in the kind of aggressive monetary policy that the Federal Reserve has made its hallmark.
The coordinated rate cut in October, he said, was intended to send a strong signal that central banks would act together to address the challenges.
HONG KONG — Australia and Japan both sought to shield their economies from the global financial crisis on Tuesday, with the Australian central bank cutting its key interest rate, and the Bank of Japan dampened speculation of coordinated rate cuts by major economies.
In the space of 48 hours, we've seen massive European bank rescues placed on the table, a substantial coordinated rate cut, hundreds of billions of dollars in new liquidity made available, a Federal Reserve plan to directly purchase commercial paper, and so on, and this is what we have to show for it.And that's just in equity markets.
The banking sector was one of the most badly hit, despite multibillion bailouts in the U.S. and in the U.K. and a coordinated rate cut by several of the world's central banks earlier in the week.
The United States Federal Reserve, the European Central Bank, the Bank of England and their counterparts in Sweden, Switzerland and Canada all took part in the coordinated rate cut on Wednesday.
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I do recall being part of a coordinate rate cut in October 2008, also by six central banks.
The association was a group of railroads which sought to coordinate rates; if two railroads applied rates in different ways, the matter was settled by Hobart and two other arbiters.
The Australian central bank's rate move fueled hopes of a wider international coordinated interest rate cut.
Officials from Washington to Beijing coordinated interest rate cuts and fiscal stimulus packages.
Last week, the Fed and other central banks coordinated interest rate cuts.
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