Press Release: Monetary policy decisions, June 2014 – ECB cuts rates below zero to boost recovery in the eurozone

The European Central Bank cut interest rates to record lows on 5 June 2014, imposing negative rates on its overnight depositors to persuade banks into lending more and to fight off the risk of Japan-like deflation.

EurActiv reported on the 26 June 2014 that the ECB's move to cut interest rates had caused a decrease in savings, a trend apparent among Germans, who were spending more than they have in seven years.

• Primary Source

ECB: Press Release, 05.06.14: Introductory statement to the press conference (with Q&A) http://www.ecb.europa.eu/press/pressconf/2014/html/is140605.en.html

ESO: Background information: Monetary policy decisions, May 2014 - Russia driving up euro, says Draghi http://www.europeansources.info/record/russia-driving-up-euro-says-draghi-monetary-policy-decisions-may-2014/

EUObserver, 05.06.14: ECB tries to jumpstart economy with historic move http://euobserver.com/economic/124500

EurActiv, 05.06.14: ECB cuts rates below zero to boost recovery in the eurozone http://www.euractiv.com/sections/euro-finance/ecb-cuts-rates-below-zero-boost-recovery-eurozone-302632

Deutsche Welle, 05.06.14: ECB cuts interest rates to historic lows in battle against deflation http://dw.de/p/1CCgv

BBC News, 05.06.14: Rare ECB move signals strange economic times http://www.bbc.co.uk/news/blogs-eu-27713693

The New York Times, 05.06.14: Europe’s Central Bank Gets Serious About Fighting Deflation http://www.nytimes.com/2014/06/06/upshot/europes-central-bank-gets-serious-about-fighting-deflation.html

France 24, 05.06.14: ECB cuts rates below zero to boost eurozone economy http://www.france24.com/en/20140605-ecb-rates-euro-zone-economy-negative/

The Guardian, 05.06.14: ECB launches bold measures including negative interest rate to boost eurozone http://www.theguardian.com/business/2014/jun/05/european-central-bank-cuts-deposit-rates

BBC News, 05.06.14: ECB imposes negative interest rate http://www.bbc.co.uk/news/business-27717594

The New York Times, 05.06.14: European Central Bank Breaks New Ground to Press Growth http://www.nytimes.com/2014/06/06/business/international/european-central-bank-cuts-interest-rate.html

The New York Times, 04.06.14: Europe Gets Negative Interest Rates. What Does That Even Mean? http://www.nytimes.com/2014/06/05/upshot/europe-likely-to-get-negative-interest-rates-what-does-that-even-mean.html

Euro|Topics, 06.06.14: Benchmark interest rate at new record low http://www.eurotopics.net/en/home/presseschau/archiv/archiv_dossier/DOSSIER144717-Benchmark-interest-rate-at-new-record-low

Euro|Topics: Who's saying what: The spectre of deflation http://www.eurotopics.net/en/home/debatten/links_2014_05_deflation/

EurActiv, 26.06.14: ECB interest rate cut bolsters spending in Germany http://www.euractiv.com/sections/health-consumers/ecb-interest-rate-cut-bolsters-spending-germany-303098

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