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ECB cuts interest rates to help economy
by Cals Fri 03 May 2013, 00:50
ECB cuts interest rates to help economy
Business & Markets 2013
Written by Reuters
Thursday, 02 May 2013 20:01
A + / A - / Reset
FRANKFURT (May 2): The European Central Bank cut its main interest rate by 25 basis points to a record low of 0.50 percent on Thursday, after inflation fell well below the ECB's target and increasingly weak economic surveys increased doubts about a recovery.
The cut came as euro zone inflation fell to 1.2 percent in April, clearly undershooting the ECB's target of below but close to 2 percent.
In a Reuters poll, a slight majority of economists had tipped the ECB to cut rates this month. The euro initially fell after news of the decision before recovering and turning flat.
Investors are now eyeing the ECB's news conference, due to begin at 1230 GMT in Bratislava, to hear ECB President Mario Draghi explain the decision.
Business & Markets 2013
Written by Reuters
Thursday, 02 May 2013 20:01
A + / A - / Reset
FRANKFURT (May 2): The European Central Bank cut its main interest rate by 25 basis points to a record low of 0.50 percent on Thursday, after inflation fell well below the ECB's target and increasingly weak economic surveys increased doubts about a recovery.
The cut came as euro zone inflation fell to 1.2 percent in April, clearly undershooting the ECB's target of below but close to 2 percent.
In a Reuters poll, a slight majority of economists had tipped the ECB to cut rates this month. The euro initially fell after news of the decision before recovering and turning flat.
Investors are now eyeing the ECB's news conference, due to begin at 1230 GMT in Bratislava, to hear ECB President Mario Draghi explain the decision.
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