ECB annual report flags uncertainty over recovery
The European Central Bank's Annual Report, published on Monday, shows that despite extraordinary monetary and fiscal stimulus measures, output in the eurozone declined by 4% last year. Average annual inflation stood at 0.3% overall.
The report explains the Governing Council’s decision to lower the rate on the main refinancing operations by a further 150 basis points in early 2009, to 1%, and the effects of liquidity provisions to the euro-area banking system, which helped facilitate access to
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