Luxembourg sees limited manoeuvre on ECB rate

The central bank of Luxembourg said in its latest financial stability report that it sees a "limited margin of manoeuvre" on European Central Bank interest rates.

In the financial stability report, the central bank said the combined effects of globalisation, increased productivity and excess saving and liquidity seem to have driven inflationary expectations down to record lows.

"The risks that did not materialise in capital markets in 2004 could resurface, as bond yields, real interest rates an

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