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Bank of England Gov. Mervyn King said Tuesday the central bank may need to cut rates to stimulate the country's sluggish lending. I am in no doubt that the single most pressing challenge to domestic economic policy is to get the banking system to get lending in any normal sense.
The Bank of Japan Friday cut its key interest rate to 0.3 percent from 0.5 percent, the first such cut in seven years, to boost Japan's sluggish economy.
The Federal Reserve on Wednesday slashed interest rates a half-percentage point, a move intended to blunt the pain of an economy that has "slowed markedly."
The U.S. Federal Reserve cut its target rate for federal funds to 1 percent Wednesday, jumping past the possibility of a less dramatic reduction. The 0.5 percentage point reduction puts the bank's key lending rate to a rate unseen since 2004.
By Landon Thomas Jr. and Alan Cowell Alan Cowell reported from Paris. Mark Landler contributed reporting from Washington, Katrin Bennhold and David Jolly from Paris, and Julia Werdigier from London. Vikas Bajaj contributed reporting from New York and Carter Dougherty from Frankfurt.
WITH the world's financial markets still in turmoil today the US was fighting to get its $700 billion rescue up and running as Europe's central banks began to take unified action. World stock markets rebounded strongly after last week's historic sell-off, responding to the efforts.
Update: Eurozone leaders hold emergency summit on financial crisis PARIS, Oct. 12 (Xinhua) -- Leaders from the eurozone countries met in Paris on Sunday for their first ever summit in an urgent bid to seek a joint response to the spreading financial crisis.
By DION NISSENBAUM By Dion Nissenbaum and Kevin G. Hall McClatchy News Service PARIS European leaders took unprecedented steps late Sunday to try to halt a galloping financial crisis in its tracks, announcing aggressive action to take big stakes in banks and guarantee lending between banks.
By Ross Lydall A RESCUE package being agreed between European leaders will help restore confidence to the global banking system, Gordon Brown vowed last night.
By MARTIN CRUTSINGER and WASHINGTON - News that the Bush administration is considering taking ownership stakes in a number of U.S. banks helped restore a relative calm over global financial markets today.
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