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ECB Cuts Interest Rate by Half Point as Recession Grips Eurozone
The European Central Bank (ECB) today (Thursday) cut its benchmark interest rate by half a point to 3.25%. The reduction was widely expected, as economic growth has supplanted inflation as the central bank’s chief concern.
“Interest rates have to be appropriate for the economic environment,” ECB council member Axel Weber said Oct. 30. “If the economy cools, then rates have to come down rapidly so one doesn’t risk falling behind the curve.”
Gross domestic product (GDP) in the 15-nation Eurozone contracted by 0.2% in the second quarter, and the European Commission said Nov. 3 that the economy probably shrank by 0.1% in…
6Nov2008 | Money Morning | Comments Off | Continued
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