European Central Bank Cuts Interest Rate To 0.5 Per Cent

The European Central Bank (ECB) has announced it was lowering the central bank lending rate to 0.5%. The 0.25% reduction is the first interest rate cut for 10 months in a bid to stimulate the stressed Southern members of the Eurozone. The Eurozone has continued to suffer from recession and rising unemployment, particularly in Spain, Greece, Portugal and Cyprus.