‘Losing Momentum’: ECB Cuts Interest Rate To New Record Low Of 0.05% – 4 September 2014

RT logoThe European Central Bank unexpectedly cut interest rates to 0.05% from 0.15% in a strong response to combat deflation. The move comes as the EU is struggling to boost its stagnating economy, which Draghi

“Growth recovery was losing momentum,” ECB President Mario Draghi said at the news conference after the announcement was made to cut rates further.

The ECB’s main refinancing rate has been cut 10 basis points to 0.05 percent, its marginal lending facility was decreased 10 basis points to 0.3 percent, and its deposit facility decreased 10 basis points to stay in negative territory at -0.2 percent.

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