European Central Bank cuts interest rates
The European Central Bank (ECB) has lowered its key interest rate to a record low of 0.25%, down from 0.5%. The decision was made following a meeting of its 23-member governing council in Frankfurt.
ECB president Mario Draghi told a news conference that their monetary stance will remain accommodative as long as necessary, as they try to assist the gradual economic recovery. He also said the eurozone was seeing weaker than expected economic activity.
Back at home, the Bank of England held the base rate at 0.5%. According to reports, the National Institute of Economic Social Research suggests there's a 20% chance of a rate rise in the first quarter of 2014.
November 8, 2013
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