THE EUROPEAN CENTRAL BANK INTEREST RATE HIKE

SUGGESTION TO THE EUROPEAN CENTRAL BANK PRESIDENT MR. TRICHET

To: The Honorable European Central Bank President

From: Athinarayanan Sanjeevraja

RE: Interest Rate Hike

Suggestions:

Good Morning President. Financial Times, London reported that ECB like to hike the interest rate. The EU’s EMU has a number of big problems. The disparity of practice amongst mortgage lenders leading to radical differences in the effects of the ECB’s rate decision in different countries shows how premature EMU. Mr. President, without true economic union, monetary union causes further inequalities as monetary policy set for the rich countries like Germany and France harming the interest of poor countries like PIGS.

Mr. President, the effect of very high oil prices is not easily countered in the short term. In my opinion, increasing interest rates simply adds fuel to the fire. By increasing the interest rate, ECB has not only made life more difficult for the problem of PIGS economies. In addition to that it made more difficult for businesses of the central and dominant economies.

The world second largest economy’s Japan also in trouble. I think that this is not the right time to hike the interest rate.

Thank you very much for your kind attention to this issue Mr. President.

Sincerely,

Athinarayanan Sanjeevraja.

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