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ECB: prime lending rate at 1%
 Le 4 june 2009
The ECB has lowered its prime lending rate to 1%, its lowest level since the introduction of the euro. It is the seventh time it has been cut since October. Jean-Claude Trichet, President of the ECB considers the current level “appropriate”, and does not rule out a further cut, declaring “we did not today decide that the new rate was the lowest possible”.
Moreover, the ECB Governing Council also plans to purchase private bonds, as the American Federal Reserve and the Bank of England have already done, worth a probable 60 billion euros. Details of this operation will be given after the monetary policy meeting scheduled for June 4th next. The ECB is also to extend its arsenal of bids by offering banks refinancing operations with a maturity of one year.
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| LAST ISSUE |
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Commerce International - March 2010
No 61
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English 
