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ECB slashes rate by 0.75% amid worsening economy |
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09:04, December 05, 2008 |
The European Central Bank (ECB) lowered its benchmark rate Thursday by 0.75 percent in order to revitalize the slumping European economy.
The decision was made by the ECB's 21-head council at its regular meeting in Brussels.
The cut brought the bank's benchmark refinancing rate to 2.5 percent.
It is the third time for the ECB to cut its rate since October and it is also the largest cut since the bank took charge of the eurozone monetary policy in 2002.
The ECB has axed rates by a total of 175 basis points or 1.75 percent since early October.
Economists had expected such a rate reduction or even a cut of 1.0 percent amidst a dimmer economic outlook.
Official figures indicated the eurozone economy has entered recession in the third quarter, and economic sentiment in eurozone dipped to a 15-year low in November.
Source:Xinhua
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