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Extracts from the press conference on the ECB Governing Council by Jean-Claude Trichet, President of the ECB

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On 2 April 2009, the Governing Council of the European Central Bank decided to cut further its benchmark interest rate to 1.25 percent from 1.5 percent, a smaller move than was expected by most economists, and announced additional steps to try to revive bank lending in an effort to pull the 16 eurozone countries out of recession. The central bank also cut two of its other official interest rates in a bid to spur bank activity in the money markets and bolster inter-bank lending. It lowered its deposit rate, to 0.25 percent from 0.5 percent, and cut its marginal lending rate to 2.25 percent from 2.5 percent. Record low inflation coupled with ongoing declines in consumer sentiment and economic activity left the European Central Bank with little choice but to reduce rates yet again. The ECB has lopped 300 basis points from benchmark credit costs since October 2008.
SHOTLIST

Type: EbS   Reference: 62917   Date: 02/04/2009   Duration: 00:03:52
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