Hans Tietmeyer, president of Germany's central bank, the Bundesbank, is standing by his view that unnecessary interest-rate cuts could be dangerous.

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It was claimed they were ugly, unnecessary and spoiled the view.

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To slow the pace of tightening now would be taking an unnecessary risk, in our view.

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The concerns about the impact of the strike have already led to an understandable yet, in my view, wholly unnecessary reaction from the public - I saw a woman filling up her car as well as jerry cans of petrol last night and queues have been forming at petrol stations across the country.

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Chief of Staff William Daley, who was brought in to help smooth relations with business, and Cass Sunstein, who heads the Office of Information and Regulatory Affairs, are said to have been sympathetic to the industry point of view that the rule was unnecessary and could impose too many costs in the midst of a struggling economy, according to people familiar with the matter.

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"In my view all the surgeries I suffered up to age 19 were unnecessary failures, " he says.

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