11.   Bank stocks, including Banque Nationale De Paris, Dresdner Bank and Banco Popular Espanol, led European stock indexes higher, cheered by the German rate cut.

12.   Because German rates have dropped slightly in the past few months, France can now afford to follow suit.

13.   Bonds opened lower after the Bundesbank said interest rates were set to converge across Europe in the months ahead of monetary union, suggesting further German rate increases.

14.   A cut in German rates, which set a floor beneath other European rates, would increase the likelihood of a cut in rates in Britain.

15.   A cut in U.S. rates -- while German rates hold steady or rise -- could hurt the dollar by making U.S. deposits less attractive relative to deposits in Germany.

16.   A German rate cut would give other central banks more scope to trim their rates to bolster economic growth.

17.   A German rate cut would likely set off a string of reductions throughout Europe, which could help the dollar by making U.S. bank deposits relatively more attractive.

18.   A German rate rise could trigger similar moves throughout Europe, reducing the relative attractiveness of stocks.

19.   A cut in German rates could be followed by cuts in Belgium.

20.   A German rate cut would reduce the relative appeal of mark- based assets.