International relations will have to be based increasingly on cooperation between equals rather than the leadership of one country, as they have been for the last 60 years. China, India and possibly also Brazil and Russia will play a greater role in global decisions. The key question in this scenario is: what will Europe, and European countries individually, do?
Short-term interest rates began to move downwards from April 2003. Having increased by about 400 basis points in conjunction with the repo rate during the first nine months of 2002 and then stabilising at this higher level for the next six months, short-term rates declined by approximately 200 basis points up to the end of July 2003. 5.