ECB in record rate cut move

Rates were cut 0.75%, from 3.25% to 2.5%, as the ECB attempts to end the recession gripping the Eurozone's biggest economies. Rates have now fallen from a peak of 4.25% in September, but the ECB has since made two 0.5% cuts following the collapse of Lehman Brothers and the ensuing financial crisis. Central banks in other parts of the world, including Sweden, Britain and New Zealand, also cut rates today as the global economic outlook continues to worsen. Recent reports revealed Germany and Italy are already in recession, while France showed extremely slow growth in the third quarter o...