The European Central Bank has warned of “headwinds” to the Eurozone’s stagnating economy as it cut its benchmark interest rate by a quarter-point to 2.75 per cent.
Thursday’s move, which takes the ECB’s deposit rate to its lowest level since early 2023, came hours after Eurostat reported that the Eurozone economy had not grown at all in the fourth quarter of 2024.
“The economy is still facing headwinds,” the ECB said, while repeating its analysis that the fall in inflation, which has tumbled from a 2022 peak of 10.6 per cent to 2.4 per cent in December, was “well on track”.
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