The Bank of England's monetary policy committee and the European Central Bank's governing council meet this week amid a clamour for rate cuts unprecedented in their brief histories.
Surveys suggest economists expect cuts of at least half a point in the Bank of England rate to 4 per cent and the ECB rate to 3.25 per cent.
On Saturday, the Reserve Bank of India took emergency action to pump liquidity into the country's banking system amid concerns that the global financial crisis would cut significantly India's economic growth.
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