At a meeting held in Brussels on 4 December 2008, the Governing Council of the European Central Bank took the following monetary policy decisions:

– The interest rate on the main refinancing operations of the Eurosystem will be decreased by 75 basis points to 2.50%, starting from the operation to be settled on 10 December 2008.

– The interest rate on the marginal lending facility will be decreased by 75 basis points to 3.00%, with effect from 10 December 2008.

– The interest rate on the deposit facility will be decreased by 75 basis points to 2.00%, with effect from 10 December 2008.

Meanwhile the Bank of England has reduced their base rate by 1%, down to a record 2%.

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