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Reply #11: ECB cuts rates to record low on recession fears [View All]

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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-08-11 07:01 AM
Response to Reply #4
11. ECB cuts rates to record low on recession fears

12/8/11 ECB cuts rates to record low on recession fears

FRANKFURT (Reuters) - 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.

The widely expected rate cut, back to a record low of 1 percent, came hours before a high-stakes EU summit which will aim to agree on a plan to defuse the crisis, with France and Germany pushing for rule changes to stricter budget discipline in the bloc.

The ECB, which euro zone officials say has been closely involved in drafting plans for tighter fiscal integration in the bloc, has pressed governments to toughen their budget rules and signaled it could do more to tackle the crisis if they deliver.

ECB President Mario Draghi hinted last week the bank could take stronger action - maybe by buying euro zone government bonds more aggressively - if European leaders agree on tighter budget controls.

The rate cut was aimed at buoying the euro zone economy, which economists expect to slide into recession by early 2012. The euro edged higher after the decision and the benchmark index of European stocks pared gains.

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http://news.yahoo.com/ecb-cut-rates-focus-bond-buys-int...

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