ECB Cuts Interest Rates

WHEW!

Updated Apr. 21, 2017 10:38AM EDT / Published May 02, 2013 8:39AM EDT

Daniel Roland/AFP/Getty

While expected, the European Central Bank’s move to cut its main interest rate Thursday comes as a welcome step in the right direction for many analysts. The ECB’s governing council cut the refinancing rate to a new low of 0.5 percent. The change in rate affects over €850 billion in ECB loans. While the ECB had planned on a healthier euro zone by springtime, data coming out this month are likely to show the economy contracting for the sixth straight quarter.

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ECB Cuts Interest Rates

Daniel Roland/AFP/Getty