ECB move sees interest rates at historic low
The European Central Bank has cut interest rates for a seventh time in as many months.
The ECB’s base interest rate has been reduced from 1.25% to 1% following a meeting today.
The rate was 4.25% last October, but has been repeatedly reduce in an effort to boost economic activity in the euro-zone.
Today's cut is expected to be the last reduction for some time.
The interest rate on the marginal lending facility will be decreased by 0.5% to 1.75%, with effect from May 13.
The interest rate on the deposit facility will remain unchanged at 0.25%.
