ECB to cut benchmark rate by at least 0.5% to 1.5%; Bank of England rate may fall to new 315-year low of 0.5%
Mar 5th, 2009 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
The European Central Bank Governing Council, meeting in Frankfurt, is expected to cut the ECB's benchmark rate by at least 0.5% today, in response to the Eurozone 's plunging economy. In London, the Bank of England may cut its benchmark interest rate to 0.5% today as the central bank is under pressure to launch programmes to counter impotent monetary policy - - in effect start rolling the printing presses. The Bank of England was founded in 1694 and today's rate cut will be to a new low in its 315-year history.