The European Central Bank (ECB) has cut Eurozone interest rates to 3.25% to stave off the risk of recession.
The half-point cut follows the Bank of England’s decision to slash rates by 1.5%.
Euro interest rates are now at their lowest level since October 2006 but are above UK interest rates for the first time in the currency’s history.
The ECB says it discussed making a larger cut to interest rates but did not follow the Bank of England’s example by making a deep cut.
Recent economic data showed a number of major Eurozone economies are slowing down and entering a recessionary phase and the ECB is likely to make further rate cuts in future in an attempt to stimulate growth.
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