Seanad debates
Thursday, 12 June 2003
Interest Rates Reduction: Statements.
The interest rate was cut primarily to stimulate the economies in central Europe, particularly Germany which is going through a difficult economic situation. The Minister of State rightly pointed out that because we have such a very open economy anything that stimulates demands within Europe will have knock-on commercial effects for Irish businesses. In that regard, the interest rate cut is welcome and it is also a fairly significant one designed to bring the currency relationship with the dollar a little lower than the euro had been achieving.
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