The European Central Bank (ECB) has cut interest rates for the Eurozone to 2%.
Monetary policymakers for the single currency area have joined central banks around the world in making deep cuts in recent months as the global economy has faltered.
The 0.5% cut brings Eurozone interest rates to their lowest level since late 2005, and was widely expected by analysts.
Rates are expected to fall further during 2009, though the reluctance of banks to lend money is cause policymakers to consider other ways to stimulate the economy.
Last week, the Bank of England cut sterling rates to a record low of 1.5%, while the US Fed cut rates to 0% at the end of 2008.
The 15-nation Eurozone entered a recession in September last year, and has this month accepted an additional member, Slovakia, bringing the total number of countries using the single currency to 16.
Contact: John Bakie, Tel: 020 7484 9805, e-mail: [email protected]IFAonline
£92bn transferred since 2015
Achievements, charity work and other happy snippets
Since first announcement