    [Public Papers of the Presidents of the United States: William J. Clinton (1993, Book I)]
    [July 1, 1993]
    [Page 971]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Statement on Germany's Reduction of Interest Rates
    July 1, 1993

        Today's news that Germany has cut interest rates again is welcome
    news. With over 22 million people out of work in Europe, and our economy
    at last beginning to create jobs again, Germany's responsible fiscal and
    monetary actions could not have come at a more critical time for both
    Europe and the United States. It is also another sign that when America
    takes the lead in cutting its deficit and getting interest rates down we
    encourage other major nations to follow our lead in spurring global
    growth. By getting our house in order, we have facilitated pro-growth
    policies in Europe that mean more demand for American products overseas
    and more jobs and higher incomes for the Americans who make those
    products here at home.
        Germany has taken an important step toward improved growth, and I
    look forward to further progress at the G-7 summit in Tokyo.

    Note: Background information on European interest rates was attached to
    the statement.