Monetary policy usually takes some time to bite. That is one explanation for the American stock market's continued gyrations on Tuesday after the Federal Reserve's emergency rate cut. It may also explain why the European Central Bank has given no indication that it will follow suit.
But as it becomes apparent that Europe is feeling the slowdown in the United States economy, some analysts said the central bank's focus on inflation may be misplaced. Should stock markets continue to slide and further erode investor confidence, inflation would become the last thing the European bank needed to worry about.
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