Source : The Business Times, August 14, 2007
FRANKFURT - The European Central Bank (ECB) on Tuesday injected 7.7 billion euros (US$10.5 billion) into the money market to calm liquidity fears in the wake of the crisis in the US home loan sector.
The Frankfurt-based ECB, which sets monetary policy in France, Germany, Italy and the 10 other nations that use the euro, had already injected more than 200 billion euros into the market over the last three trading days.
The fresh cash allows commercial banks to borrow from the central bank to meet their liquidity needs. -- AFP
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