02 May 2013 12:47 [Source: ICIS news]
LONDON (ICIS)--The European Central Bank (ECB) cut its key interest rate to 0.50% on Thursday as it seeks to galvanise the foundering eurozone recovery.
The 0.25 percentage points cut represents the first movement of the ECB interest rate in 10 months, after inflation fell by 0.5% month-on-month to 1.2% in April, far below the ECB’s targeted inflation ceiling of 2%, according to Eurostat.
The news comes in the same week that Eurostat employment figures revealed that unemployment in the region had risen to an all-time high of 12.1% in March this year. The eurozone was also hit with news that Spain’s economy had contracted for the seventh consecutive month.
Analysts were divided on the measures, with many saying that the rates cut should already have been priced into the euro by now.
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