Monetary easing which includes downward movement of short-term interest rates must surely be more effective than monetary easing without downward movement of short-term interest rates.

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While there had been some hope two weeks ago that a short-term bottom was being established, the continued downward movement of stock prices has further frayed nerves.

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"Getting downward movement on IT prices and easing the bite of price discrimination should be an important micro-economic priority - so I'm looking forward to hearing from these firms about their pricing approaches, " he added.

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