ECB to decide on further interest rate cut

The European Central Bank is set to make a decision later on whether to further reduce interest rates across the eurozone.

Some economists are predicting that the bank could reduce its main lending rate by 0.5 percentage points due to the ongoing recession.

This would bring the rate down to just 1%.

The ECB has already cut rates by 2.75 percentage points in the past six months in an effort to stimulate growth in the euro-zone.