German wise man says ECB need not follow Fed cut

GERMANY - Horst Siebert, a senior adviser to the German government, said on 21 August the European Central Bank did not need to follow the widely expected U.S. interest rate cut by trimming euro zone rates.

Siebert, a member of the government's panel of economic advisers called "wise men", told German TV he expected the U.S. Federal Reserve to cut interest rates by a quarter point at its meeting on 21 August but he was sceptical whether the ECB had to follow suit.

"I expect the Fed to cut rates