Skip navigation

Current DateTime: 09:33:00 04 Dec 2008
LinksList Documentid: 24890560
  • Predictions '09

      Find out what trends, events, people and forces are likely to shape the world of business in 2009.

  • Holiday Central

      Your one stop destination for all the latest retail news, blog reports, shopping tips and holiday slideshows.

  • Wall Street In Crisis

      With shock after shock to the world's financial system, the credit crunch continues to drive a major reconfiguration of the Wall Street landscape.

Reuters | 17 Jun 2008 | 03:25 AM ET
Text Size

An online petition urging the European Central Bank not to raise interest rates in July has collected almost 1,500 signatures.

AP

The petition at www.stoptrichet.com, conceived by French economist Marc Touati, argues that given the current economic situation, rate hikes will only aggravate inflation in the euro zone and harm fragile economic growth.

"If the ECB's (refinancing) rate increases the euro will rise again, the dollar will fall, therefore oil prices will rise," the petition said.

"In other words, in wanting to fight against inflation by increasing interest rates the ECB would actually increase the latter," it said.

ECB President Jean-Claude Trichet shocked markets this month when he said the central bank might raise rates from 4.0 percent in July to stop current record high inflation -- fuelled by high oil prices -- from feeding into wage and price demands.

Launched on Friday, the petition had collected 1,473 virtual signatures by 6 pm London time on Monday.

Touati told Reuters most signatories were French, but there was also support from Italy, Spain and English-speaking countries.

"It's really taking off," he said.

Copyright 2008 Reuters. Click for restrictions.

HOME  |  NEWS  |  MARKETS  |  EARNINGS  |  INVESTING  |  VIDEO  |  CNBC TV  |  CNBC PLUS  |  CNBC MOBILE  |  CNBC HD+
About CNBC   |   Site Map   |   Privacy Policy   |   Terms of Service   |   Advertise   |   Help   |   Feedback   |   Video Reprints
  Data is a real-time snapshot   *Data is delayed at least 15 minutes

Global Business and Financial News, Stock Quotes, and Market Data and Analysis