RESEARCH - Surviving the Slowdown, Monitoring the European Central Bank Update No. 4, December 2002, authors include David Begg and Paul De Grauwe. MECB 4 describes the challenge for monetary policy and assesses the ECB response. Interest rates fell much less in the euro area than in the US. It is often argued that the ECB cut interest rates both too little and too late. Does this stand up to serious scrutiny? Or should we infer instead that the Fed responded too vigorously, or that the extent