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In page Celtic Tiger:
"At the same time, economies globally experienced a slowdown. The US economy grew only 0.3% in April, May, and June 2002 from a year earlier, and the Federal Reserve made 11 rate cuts that year in an attempt to stimulate the US economy. The EU scarcely grew throughout the whole of 2002, and many members' governments (notably in Germany and France) lost control of public finances, causing large deficits that broke the terms of the EMU Stability and Growth Pact.[citation needed]
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