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August 6, 2009

ECB keeps eurozone rate at 1%

by Richard Kilner

Story link: ECB keeps eurozone rate at 1%

The European Central Bank (ECB) has elected to leave the interest rate for the eurozone unchanged at 1%.

The decision has been made on the same day that the Bank of England’s Monetary Policy Committee chose to retain the 0.5% rate for the United Kingdom.

Recently the central banks of both Australia and New Zealand also kept rates unchanged, at 3% and 2.5% respectively.

There has been some suggestion from central banks, including Governor Glenn Stevens of the Reserve Bank of Australia, that the global economy may be beginning to stabilise and that the world may have seen or be close to the worst of the downturn.

However, Governor Stevens has said that Europe continues to decline as China shows signs of strength, an opinion perhaps reinforced by the Bank of England’s decision to expand its quantitative easing programme by £50bn.

 

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