European Bank policy unchanged
From Times Wire Reports
The European Central Bank indicated Wednesday that its monetary policy was unchanged despite turmoil in financial markets, a move some analysts saw as signaling that it still intended to raise rates in September.
The central bank made the comment in announcing plans to add 40 billion euros in three-month funds to the euro money market today in an effort to help markets hit by the credit market turmoil.
On Aug. 2, Jean-Claude Trichet, the bank’s president, signaled that the ECB was likely to raise interest rates at its September meeting, but market turbulence since then had made many analysts speculate that it might change its mind.
