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European Central Bank trims down key rates

European Central Bank trims down key rates

16 January 2009 10:32 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. The European Central Bank has cut interest rates by a half percentage point to 2 percent amid increasingly grim economic data.
The ECB has now reduced rates four times from 4.25% in September as it continues efforts to bolster the eurozone economy.
According to official figures, the eurozone has been in recession since September of last year.
It comes as official figures showed that eurozone inflation fell to a 26-month low in December, thanks to a big decline in the price of energy bills.
An economy is generally considered to be in recession following two consecutive quarters of falling output.
The latest rate cut also affects Slovakia, which this month became the 16th country to adopt the euro.
However, they remain above the current UK rate of 1.5%, and between 0% and 0.25% in the US.

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