We should pray next rate move is upwards

THOSE hoping for another cut in ECB rates after Thursday’s historic move to 1% will probably be disappointed.

Sat, 09 May, 2009 - 01:00
Brian O'Mahony

The ECB kept its options open on Thursday when ECB president Jean-Claude Trichet said the bank would cut again towards the end of the year if the economic circumstances demanded.

Should that happen it will be yet another sign that the eurozone economy is worse than anyone imagined.

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