{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='EUROPE: NATIONS ADOPTING EURO DROP KEY INTEREST RATES' data-url='/boclips/videos/5c54c0bcd8eafeecae14d002' data-video-url='/boclips/videos/5c54c0bcd8eafeecae14d002' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nEUROPE: NATIONS ADOPTING EURO DROP KEY INTEREST RATES\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eFrench/Ger/Eng/NatIn a surprise move, nations adopting the new European currency, the euro, have dropped key interest rates, effectively setting the rate that will be adopted throughout the euro zone on January 1st.Ten of the 11...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eFrench/Ger/Eng/Nat\u003cbr/\u003eIn a surprise move, nations adopting the new European currency, the euro, have dropped key interest rates, effectively setting the rate that will be adopted throughout the euro zone on January 1st.\u003cbr/\u003eTen of the 11 countries launching the euro dropped their key interest rate to 3 percent,\u003cbr/\u003eand the adoption of a single interest rate is a necessary step toward the creation of a single economic zone. \u003cbr/\u003eThe U-K, which has yet to fall in behind the rest of Europe in its adoption of the new currency, is expected to drop its rate sometime next week.  \u003cbr/\u003eThe style of the announcements, sudden and without any warning, bore the hallmark of Germany's central bank, the Bundesbank.\u003cbr/\u003eGermany has the biggest and most aggressive economy in the future euro-zone, and central bankers cut the key interest rate to 3 percent from 3-point-3 percent. \u003cbr/\u003eOnly Italy, which set a rate of 3-point-5 percent, was out of line with the benchmark rate of 3-point-0 percent. \u003cbr/\u003eThe European Central Bank has decided upon this figure as the starting rate for the euro bloc when it takes over monetary policy control on January 1.\u003cbr/\u003eSOUNDBITE: (German)\u003cbr/\u003e\"The European Central Bank and the German Bundesbank have in close cooperation with the other European Central banks, to cut the repo rate to 3.0 percent.\" \u003cbr/\u003eSUPER CAPTION: Hans Tietmeyer, Bundesbank president\u003cbr/\u003eGerman central bank president Hans Tietmeyer said the Bundesbank's move reflected the worsening outlook for European economies.\u003cbr/\u003eGrowth in Europe has been hit by the Asian and Russian economic crises and turbulence on international financial markets.\u003cbr/\u003eHe said the decision came from intensive meetings within the European Central Bank (E-C-B), and wasn't a capitulation to political pressure from Finance Minister Oskar Lafontaine.\u003cbr/\u003eSOUNDBITE:(German)\u003cbr/\u003e\"This decision is based on the ongoing consultation with the European Central Banks, especially with the ECB's council, and after intensive internal discussions, within the central council of the German Bundesbank. It's a sovereign, politics-free decision from the Bundesbank\"\u003cbr/\u003eSUPER CAPTION: Hans Tietmeyer, Bundesbank president\u003cbr/\u003eGermany's stock market jumped on news of the cuts before falling back, but was still up 1-point-7 percent by late afternoon.\u003cbr/\u003eIn France central bank officials have said that the rate cuts were partly inspired by a weak outlook for European growth which have triggered extra caution.\u003cbr/\u003eAccording to the head of research at French bank Paribas, the economic slowdown across Europe has forced this rate cut.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"The decision is explained by the general context, which an economic slowdown due to the international financial crisis, particularly in the emerging markets and it is also the\u003cbr/\u003eresult of low inflation, 0.6 percent in Germany, 0.4 percent in France. So these low rates of inflation allow the central bank to bring the rate even further down.\"\u003cbr/\u003eSUPERCAPTION: Dominique Bardet, Head of Research for Paribas \u003cbr/\u003eWith the introduction of the euro just around the corner a levelling out of pan-European interest rates is regarded as vital.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"So today is about possibly getting rid of the problem before the set up of the Euro, but also because the economic situation is more serious than what was thought, even in Europe\"\u003cbr/\u003eSUPERCAPTION: Dominique Bardet, Head of Research for Paribas      \u003cbr/\u003eWhile nobody had predicted this announcement from Germany, and the subsequent domino effect across Europe, it seems that an equalisation of European rates was always on the cards.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"The timing of the announcement certainly came as a surprise but it is certainly almost inevitable that we were expecting a cut to come through prior to the launch of the Euro, that's to say the rates then start coordinating down to the level effectively set by Germany\"\u003cbr/\u003eSUPERCAPTION: Justin Urquart Stewart, Barclays Stockbrokers \u003cbr/\u003eAhead of next Thursday's meeting of the Bank of England's Monetary Policy Committee analysts are predicting that interest rates will have to drop to avoid a strengthening of the pound.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"It's almost inevitable that interest rates are going to be cut and quite substantially,  we mustn't just look in the short term. Whether it's this month or next month, over the next year you're going to see at least a whole one percent drop in UK interest rates\"\u003cbr/\u003eSUPERCAPTION: Justin Urquart Stewart, Barclays Stockbrokers \u003cbr/\u003eEurope's economy has slowed, mainly in response to turmoil in global financial markets, and economists say cutting the rates is a sensible move.\u003cbr/\u003eEurope's manufacturing sector, which is strongly bias towards export, has suffered recently from a  world slump, and it's hoped this  cut in interest rates could halt that downturn.\u003cbr/\u003eBonn, Germany / Paris, France / London, UK  - December 3 1998\u003cbr/\u003eBonn\u003cbr/\u003e1. Tietmeyer and colleagues walking to press conference \u003cbr/\u003e2. Wide shot officials seated at podium \u003cbr/\u003e3. SOUNDBITE:(German) Hans Tietmeyer, Bundesbank president\u003cbr/\u003e4. Cutaway audience \u003cbr/\u003e5. SOUNDBITE:(German) Hans Tietmeyer, Bundesbank president\u003cbr/\u003e6. Audience\u003cbr/\u003e7. Wide shot podium and officials \u003cbr/\u003e8. Various of the German stock exchange\u003cbr/\u003eParis\u003cbr/\u003e9. Pull out from Paribas sign \u003cbr/\u003e10. Close shot bank sign\u003cbr/\u003e11. Woman working in bank office\u003cbr/\u003e12.  SOUNDBITE: (French) Dominique Bardet, Head of Research for Paribas\u003cbr/\u003e13. Cutaway\u003cbr/\u003e14. SOUNDBITE: (French) Dominique Bardet, Head of Research for Paribas\u003cbr/\u003eLondon \u003cbr/\u003e15. Set up shot Justin Urquart Stewart, Barclays Stockbrokers \u003cbr/\u003e16. Close shot Stewart\u003cbr/\u003e17. SOUNDBITE: (English) Justin Urquart Stewart, Barclays Stockbrokers  \u003cbr/\u003e18. Cutaway\u003cbr/\u003e19. SOUNDBITE: (English) Justin Urquart Stewart, Barclays Stockbrokers  \u003cbr/\u003e20. 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