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ECB Cuts Interest Rate to 0.25%
The European Central Bank reduced its benchmark interest rate today to 0.25% from 0.5%, where it had been since May.
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The European Central Bank reduced its benchmark interest rate today to 0.25% from 0.5%, where it had been since May.
Analysts attribute the move to the eurozone's low 0.7% inflation rate and record high unemployment numbers. But they say the rate cut is largely symbolic because many banks are struggling with their own financial problems and aren't likely to pass along the reduction.
But the ECB also is encouraging banks to lend by extending its offer of unlimited low-cost credit for banks to mid-2015.
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