ECB set to lower its interest rate to 0.5%

The ECB is expected to lower its interest rate today possibly to 0.5% in a further bid to kick-start growth and take the eurozone out of recession.

EU unemployment hit a new record high with 19m jobless while inflation dipped further to 1.2% last month — down for the third month in a row.

Enrico Letta, Italy’s new socialist premier, added his voice to those demanding an end to austerity and a greater push for growth.