ECB surprisedly cut the interest rate to 1.25%
04 November 2011
The European Central Bank cut key interest rates by a quarter point to 1.25 percent at new President Mario Draghi’s first policy meeting in charge Thursday, in a surprise move intended to bolster the eurozone economy. The decision to cut rates was unexpected and came despite inflation in the 17-country euro zone staying at 3.0 percent for a second month running in October, well above the ECB's target of just below 2 percent.