No surprise here: the president of the Bundesbank says that the ECB will absorb the excess liquidity it has created quickly, saying the measures that bank used allow for easy reversal. He does see some signs that the intensity of the downturn is subsiding though the crisis will put strain on global markets for some time to come.
Also coming out of Germany: The government has rejected the request from retailer Arcandor for a state loan. Who would have thunk the US would be bailing out private business more agressively than the Europeans.
EUR/USD changes hands at 1.3895.
