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Thu December 8, 2011
European Central Bank Cuts Rates To Match Record Low
Originally published on Thu December 8, 2011 7:26 am
It's a widely expected move, but still noteworthy:
"The European Central Bank cut interest rates by a quarter of a point on Thursday to counter the twin threats of recession and deflation in the euro zone, and is expected to unveil fresh measures to help banks hurt by the bloc's debt crisis," Reuters reports.
"Policy makers meeting in Frankfurt lowered the benchmark interest rate by a quarter percentage point to 1 percent to match a record low, as expected by 55 of 58 economists" it surveyed, Bloomberg News adds. "They may also loosen collateral criteria to give banks greater access to cheap cash and offer longer-term loans, said three euro-area officials with knowledge of the deliberations."