ECB Governing Council: extracts from the press conference by Jean-Claude Trichet, President of the ECB
As expected by most economic analysts and following a cut in December 2008 of three-quarters of a percentage point, the Governing Council of the European Central Bank (ECB) cut further its main refinancing rate by 50 basis points to 2 percent as recent data releases pointed to severe slowdowns in both economic activity and inflation in the euro area.
Jean-Claude Trichet, President of the ECB, explained the bank's policy at his monthly press conference, on 15 January 2009, the first one since the beginning of 2009, with rates to their lowest level since December 2005. Asked about any further rate cut, he told journalists that the next important rendez-vous would be in March and not in February. SHOTLIST