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ECB cut rates

7 May 2009

The European Central Bank announced an interest rate cut in the eurozone to a record low of just 1% today, down from 1.25%.

The policymaker has now reduced the rate seven times since October 2008, in an attempt to boost the eurozone economy, a move that should see the cost of borrowing money to fund a property purchase in the eurozone fall.

ECB president Jean-Claude Trichet will hold a news conference later, where he is expected to detail any new steps the bank may take. However, analysts do not expect the rate to go any lower.

The latest cut in the interest rate may also weaken the euro currency’s value against sterling, which would reduce the cost of buying property in the eurozone, for Brits.


See Also:   Euro


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