Close Brothers: ECB rate cut positive but more action needed

Laura Miller
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The decision by the European Central Bank (ECB) to cut interest rates is a "positive step" but more pro-growth polices are needed, according to the chief investment officer of Close Brothers Asset Management.

The ECB today cut interest rates to a new record low amid ongoing fears about the eurozone's economic health. In a widely-expected move it cut the main interest rate to 0.50% from 0.75%, the first cut it has made for ten months. In a surprise move, it also cut the interest rate on the marginal lending facility by 50bps to 1%, as it sought to combat the economic malaise gripping Europe. Nancy Curtin said the ECB's move to cut rates is a positive step away from austerity, and a step towards growth in Europe. "We may not have seen it reflected in overt policy until this point, but ...

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