Europe slashes interest rates

Interest rates were slashed across Europe on the 6 November 2008 as the continent’s central bankers decided the outlook for their economies had taken a decisive turn for the worse. The European Central Bank cut official borrowing costs by half a percentage point to 3.25% and Jean-Claude Trichet, ECB President, said he would not 'exclude' a further cut in December 2008

In the United Kingdom, the Bank of England cut rates by 1.5 percentage points to 3%, bringing the official rate to its lowest level in 54 years

ECB: Press Release, 6.11.08: Introductory Statement http://www.ecb.int/press/pressconf/2008/html/is081106.en.html

ECB: Press Release, 6.11.08: Monetary Policy Decisions http://www.ecb.int/press/pr/date/2008/html/pr081106.en.html

BBC News, 6.11.08: UK interest rates slashed to 3% http://news.bbc.co.uk/1/hi/business/7713006.stm

BBC News. 6.11.08: Eurozone rates lowered to 3.25% http://news.bbc.co.uk/1/hi/business/7712684.stm

Deutsche Welle, 6.11.08: Europe Follows Britain's Lead With Interest Rate Cut http://www.dw-world.de/dw/article/0,2144,3769381,00.html

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