Dutch start negotiations on staff reduction

Central bankers throughout the euro area have their eyes anxiously fixed on the Netherlands. For it is there that the first really big job cuts in an national central bank (NCB) since the introduction of the euro are due to take place. The Netherlands Bank plans to slash its workforce by up to 470 full time staff - over one-quarter of the total.

The central bank now expects to save a total of €25-30m from the job cuts, which will be completed by 2008, and has not ruled out forced redundanci

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