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Article: ECB Slashes Key Rate To 'Restore Confidence'Citing Slowdown, Bank Of England Also Opts For Half-Point Decrease
- Article from:
- International Herald Tribune
- Article date:
- November 9, 2001
- Author:
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John Schmid
International Herald Tribune
11-09-2001
The European Central Bank on Thursday reduced its benchmark interest rate by an aggressive half percentage point, citing a weakening economy and flagging consumer confidence. The move by the ECB, only its fourth rate cut this year, came shortly after the Bank of England lowered its benchmark rate for the seventh time this year by a similar amount to a 37-year low of 4 percent. ''World economic activity had weakened further,'' the Bank of England said. ''And evidence on the outlook now suggests that the global slowdown may be somewhat deeper and longer than previously thought.'' In the latest round of easing, the Federal Reserve on ...