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The International Monetary Fund predicts advanced economies including the U.S. and euro area will contract simultaneously next year for the first time since World War II. Federal Reserve Chairman Ben S. Bernanke, Bank of England Governor Mervyn King and European Central Bank President Jean-Claude Trichet have all signaled they're ready to cut interest rates further to stem the deepening economic slump.
The European Commission said on Nov. 3 that the 15-nation euro region is probably already in a recession.
The European Commission said on Nov. 3 that the 15-nation euro region is probably already in a recession.