ECB transforms itself almost overnight into crisis manager

10/17/2008 | International Herald Tribune

The European Central Bank puts inflation fears on the back burner as it swings into action trying to head off collapse of Europe's financial system. Cutting its interest rate and pumping cash into banks are part of a stunning transformation for the central bank that was created 10 years ago with a single mandate, to keep a lid on inflation. The ECB, once accused of trailing far behind events, now moves with astonishing speed.

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