ECB Interest Rate Drops Again. March 2009

The ECB have announced another interest rate decrease today. The new rate will be just 1.5% – a reduction of 0.5%.  The ECB has now cut rates by 2.75 percentage points since early October.

The Bank of England also cut interest rates earlier today by a half point to 0.5 percent, the lowest since the bank was founded in 1694. The Bank of England has now reduced the key rate 4.5 percentage points since October.