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The Bank of England calls for worldwide co-ordination on interest rates

The Bank of England has this weekend repeated calls for worldwide co-ordination on interest rates in an attempt to refloat and replenish the worldwide economy. While there have been a number of local rescue packages and rescue deals it looks as though this is not enough to help the worldwide economy recover in the short term. Just a short a few weeks ago we saw a concerted effort by the various central banks of the world to reduce interest rates in unison.



More of the same is required in the short to medium term to inject confidence and liquidity back into markets and stop the ongoing slide in employment prospects which are starting to turn into a serious downward trend in the UK. The last concerted effort on interest rates caught many people by surprise but there was a short-term increase in confidence although there was limited follow through.



The main problem for a concerted effort is the fact that many economies around the world are at different stages of the economic cycle and demand differing amounts of money to avoid a serious recession. Finding the balance is proving rather tricky and may be the ultimate reason for the delay in yet more co-ordinated efforts.

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