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OCR 2888 -  Biggest ECB Move

Geoff Riley

4th December 2008

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The apparent inertia of the European Central Bank to change interest rates in response to the volatile macroeconomic climate has been an ongoing criticism of those who believe that the ECB has been too fixated on meeting the inflation target to the detriment of growth and jobs in the Euro Area. As recently as early this year the ECB was still raising interest rates in response to a pick up in inflation. Yesterday the ECB cut official interest rates by 0.75% - its biggest ever interest rate reduction - bringing policy rates down to 2.5% - a smidgeon higher than in the UK. This BBC article covers the news.

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Geoff Riley

Geoff Riley FRSA has been teaching Economics for nearly forty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD and Revision conferences in the UK and overseas.

@tutor2uGeoff

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