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Major central banks intervene to shore up ailing euro |
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September 23, 2000
FRANKFURT, Germany, SEPT 22 (AP) - The European Central Bank and its U.S. and Japanese counterparts jointly intervened in the currency markets Friday in an attempt to shore up the ailing euro, the ECB announced. The ECB, the Federal Reserve and the Bank of Japan acted because they were worried that the persistent weakness of the 11-nation European currency could hurt the global economy, the statement said. "On the initiative of the European Central Bank, monetary authorities of the United States and Japan joined with the European Central Bank in concerted intervention in exchange markets because of their shared concern about the potential implications of recent movements in the euro exchange rates for the world economy," the statement said. An ECB spokesman refused to give figures for what amount of euros the central banks bought or any other details of the intervention. |