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Interest rates slash in Europe
Major European central banks, including the European Central Bank (ECB) and the Bank of England have joined the central banks of Australia and New Zealand in making deep rate cuts.
The ECB delivered the largest rate cut in its near 10-year history, lowering its key rate by 0.75 percentage point to 2.5 per cent. The ECB, which sets interest rates for the 15-nation eurozone, has now lowered its key rate by an unprecedented 1.75 percentage points in two months.
The Bank of England cut its key rate by a full percentage point to 2 per cent, its lowest level since the bank's founding in 1694, as a credit clampdown pushes the UK economy deeper into downturn.
The UK central bank's decision follows a stunning 1.5 percentage point reduction last month. Bank of England policy makers say they haven't ruled out the possibility of taking rates all the way to zero.
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