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ECB cuts interest rates to record low of just 1%
THE European Central Bank acted to soften a looming recession and avert a credit crunch by cutting interest rates and offering banks long-term funds yesterday as EU leaders prepared for a summit that could determine the fate of the eurozone.
But ECB President Mario Draghi said there was no plan for large-scale government bond purchases, as markets had been hoping.
He discouraged expectations that the bank would massively step up buying government bonds if European Union leaders agree on moves towards closer fiscal union at the Brussels summit.
He said the eurozone’s EFSF rescue fund should remain the main tool to fight bond market contagion, despite the limits of its leverage, and added it was illegal for the ECB or national central banks to lend money to the IMF to buy eurozone bonds, appearing to veto one firefighting option under active consid
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