European Central bank to cut rates
The European Central Bank is expected to cut interest rates to an all-time low of 1.5% on Thursday and slash its 2009 and 2010 economic forecasts to reflect the break-neck pace of deterioration in the euro zone.
The European Central Bank cut its benchmark interest rate by half of a percentage point to 2% on Thursday, matching its lowest-ever rate as inflation plummets and recession spreads.