ECB cuts rates by 0.5% to 3.25%

ECB rates are to drop again to 3.25 (currently 3.75%). This was confirmed a few minutes ago.
Rates are now at the same level they were in October 2006.
Interest rates in the UK are now lower than in Ireland for the first time in years. The rate cut by the Bank of England today was 1.5% – bringing rates there to 3%