ECB cuts interest rate by half a point to 2%
15 January 2009 12:56 [Source: ICIS news]
LONDON (ICIS news)--The European Central Bank (ECB) cut interest rates by a half percentage point to 2% on Thursday as economic data showed signs of a deepening recession in the 16-member euro area.
The bank has now made four consecutive monthly cuts due to the global financial crisis, reducing its basic rate from 4.25% in October.
Official data showed industrial production in the euro area fell for the seventh month running in November, dropping 7.7% year on year.
The euro area’s largest economy,
Last week, the Bank of England cut
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