European Central Bank governing council member Yves Mersch has rejected suggestions that the ECB may be poised to cut rates by 50 basis points. In comments published Monday by financial wire Market News International, Mersch said "these wild expectations" only show that people have lost their sense of direction. "We have one needle in our compass." "I think the independence of the monetary policy authorities has been quite important during the crisis in order to maintain their credibility," he said. " It is a precious [asset] that we should not put at [others'] disposal easily." Mersch said the ECB is ... (full story)