EU chief says he expects cut in European interest rate

1st December 2008, Comments 0 comments

Jose Manuel Barroso said in Paris that he expects the European Central Bank to make a "very clear" move;

1 December 2008
 
PARIS - European Commission president Jose Manuel Barroso said in Paris on Sunday that he expects the European Central Bank to make a "very clear" move to cut interest rates to counter the economic crisis.

"The conditions are there for a fall in interest rates," Barroso told RTL radio. He would not predict how big the cut would be but said "I expect a very clear move in this direction."

The ECB's governors are to meet on Thursday to decide on the level of its key interest rate which is currently at 3.25 percent. Economists have predicted a fall of up to three-quarters of a percentage point.

(AFP/Expatica)

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