European Central Bank cuts rates to new low
By The Week Staff | July 5, 2012
T
he European Central Bank cut interest rates to a record low on Thursday "to breathe life into a deteriorating eurozone economy, and back up measures agreed by government leaders last week to tackle the bloc's debt crisis." The quarter-point cut in the bank's main refinancing rate, to 0.75 percent, was in line with market expectations.
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