Euro Central Banks Slash Interest Rates

Bank of England drops rate to 2%, ECB to 2.5%, Sweden to 2%
By Jim O'Neill,  Newser User
Posted Dec 4, 2008 7:21 AM CST
The Euro sculpture is photographed through the logo of the European Central Bank ECB in front of the ECB in Frankfurt, central Germany.   (AP Photo/Daniel Roland)
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(Newser) – The Bank of England cut interest rates a full 1% today to 2%, the lowest level since 1939, and the European Central Bank followed with a cut of 75 basis points, to 2.5%, the largest cut in its 10-year history, MarketWatch reports. Those moves came on the heels of a 175 basis point cut by the Swedish Central Bank—its largest cut ever—also to 2%, as economic woes continue to spur global money authorities to ratchet down rates.