ECB need statistics to help weak economy

THE European Central Bank has been urged to cut interest rates to rescue a weak euro area economy as the Bank of England kept its borrowing costs at a 48-year low of 3.75%.

And yesterday the ECB said it requires far more and far better statistics about the economic developments in the 12 euro-zone countries to help in its deliberations when it sets interest rates for the world’s second-largest economy.

“The supply of economic statistics for the euro area as a whole is still less complete and timely than in a number of individual euro area countries or major trading partners such as the UK and the US,” the ECB said.