ECB cuts interest rates to historic low of 1%. Euro-zone showing signs of recovery. BoE maintains rates.
07/05/2009
The European Central Bank cut its benchmark interest rate by 25 basis points to a new record low of 1 per cent today, as expected.
European Central Bank President Jean-Claude Trichet said the euro-zone economy was showing tentative signs of stabilising at a very low level.
The European Commission has forecast that the end of the recession is in sight.
The Bank of England has kept interest rates on hold at 0.5% and announced that it will inject an extra £50bn into the UK economy.