European central bank cuts rates to historic low
Frankfurt, May 7 The European Central Bank has cut rates to an historic low of 1 percent Thursday with the ECB also expected to announce plans to mobilize new monetary tools to try to conquer the prevailing economic crisis.
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.