Eurozone rates kept on hold at 2%

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Eurozone rates kept on hold at 2%


News Article Date: Thursday 05th of February 2009

The European Central Bank (ECB) has kept interest rates for the 16 countries that use the euro unchanged at 2%. Rates in the eurozone have been cut four times since September when they stood at 4.25%. Many analysts expect the cost of borrowing to fall further, with another cut expected in March. The central bank is trying to revive the eurozone's economy, which is mired in recession. However, it has been more cautious in cutting rates than its counterparts in the US and UK. The Bank of England cut rates by half a percentage point to 1% earlier on Thursday, the fifth reduction since October when they stood at 5%. US interest rates are already as low as they can go. Financial markets are looking for signs that the ECB might follow in the footsteps of the Federal Reserve and the Bank of England and consider more unconventional monetary policy measures. This could include quantitative easing whereby central banks aim to increase the amount of money flowing in the economy by buying assets such as government bonds from banks. Richard Snook, senior economist at the Centre for Economic and Business Research, says the ECB needs to take bolder action on monetary policy. "The ECB is clearly behind the curve," he said. "Global policy rates at zero and coordinated quantitative easing across all major economies is the best remedy for an unprecedented global crisis," he added. For mortgages or remortgages in Spain visit http://www.europamortgages.com thanks for reading.
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