ECB cuts interest rates to 1.25%
The European Central Bank (ECB) cut interest rates to a record low of 1.25% from 1.5% today.
However, this rate cut is not as drastic as the expected 0.5% cut. The ECB has cut interest rates five times since October 2008, from 4.25% to 1.25%.
The Eurozone’s unemployment rate rose to 8.5% in February, the highest level the Eurozone has reported in three years.