ECB’s Mersch on the EU current state of affairs. Market rates remain low by international standards, states the effect of further cuts from low levels would be questionable. Low rates have their own internal drawbacks. Rates near 0% begin to distort money markets. Pace of global slump is now slowing. Savings rates in the US and China continue to pose threats to global economy. All recapitialization efforts by banks have yet to be exhausted
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