The European Central Bank cut its key interest rate to a historic low and extended unlimited cheap loans to banks to try and help the flagging euro area economy climb out of a stubborn recession with ECB President Mario Draghi holding out the prospect more help was on the way.
Written by Associated Press
Frankfurt |
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The European Central Bank ECB cut its key interest rate to a historic low and extended unlimited cheap loans to banks to try and help the flagging euro area economy climb out of a stubborn recession with ECB President Mario Draghi holding out the prospect more help was on the way.
The banks governing council lowered the benchmark refinancing rate on Thursday to 0.50 per cent from 0.75 per cent and President Mario Draghi left open the possibility of cutting rates even further. And the bank extended its all-you-want policies on its regular loans to banks. That means lenders can get as much funding as they feel they need at the banks low rate,through at least July of next year.
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