[Weekly Compilation of Presidential Documents Volume 29, Number 26 (Monday, July 5, 1993)]
[Pages 1217-1218]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Statement on the Reduction of Interest Rates in Germany

 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

[[Page 1218]]

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.