Equities rose in Europe even though the German move, which will have repercussions throughout the continent, could slow growth and hurt earnings.

His move angered German club Fortuna Düsseldorf, expected him to join them.

Schlieffen also stressed the need to keep the enemy reacting to German moves.

Bank officials and economists said the German move was in response to pleas from Washington, London and Paris.

The French Government only made a minor cut in rates in response to German move.

Upon hearing of the German move, the French government issued a statement strongly hinting that military action was a possible option.

Allied forces tried to counter the German move, but Falkenhorst's troops drove them out of the country.

If so, the German move seems likely to help warm relations with the United States after Germany's opposition to the American military action in Iraq.

Mr Redwood described the German move as setting up a 'two stop merger policy'.

The British were wrong-footed by the audacious German move.