ECB Cuts Rates By 25 bps, As Expected

Tyler Durden's picture

The ECB has cut the various relevant interest rates by 25 bps, in line with expectations, but not the 50 bps most likely needed to stem the crisis. Mario Draghi's second press conference begins in 45 minutes.

From the ECB:

8 December 2011 - Monetary policy decisions

At today’s meeting the Governing Council of the ECB took the following monetary policy decisions:

The interest rate on the main refinancing operations of the Eurosystem will be decreased by 25 basis points to 1.00%, starting from the operation to be settled on 14 December 2011.

The interest rate on the marginal lending facility will be decreased by 25 basis points to 1.75%, with effect from 14 December 2011.

The interest rate on the deposit facility will be decreased by 25 basis points to 0.25%, with effect from 14 December 2011.

The President of the ECB will comment on the considerations underlying these decisions at a press conference starting at 2.30 p.m. CET today.
European Central Bank
Directorate Communications
Press and Information Division
Kaiserstrasse 29, D-60311 Frankfurt am Main
Tel.: +49 69 1344 7455, Fax: +49 69 1344 7404
Internet: http://www.ecb.europa.eu

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