Business Services Industry
European Central Bank Cuts Key Interest Rate.
Knight Ridder/Tribune Business News, May, 2001
By Kimberly Blanton, The Boston Globe Knight Ridder/Tribune Business News
May 11--The European Central Bank, after insisting for months that it would not reduce interest rates in response to a world economic slowdown, abandoned that stance yesterday and enacted the second rate cut in the two-year history of the institution.
While European economists had predicted rates would not change, the ECB surprised everyone with a quarter percentage-point cut in its key interest rate, to 4.5 percent. The Bank of England yesterday lowered its rate as well, its third such move this year.
The ECB was also responding, in part, to growing pressure and criticism worldwide that it was not doing enough to shield European economies, particularly Germany, from...
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