ECB board members defend interest rate cut

SPAIN - European central bankers on 31 August said the ECB's decision to cut interest rates was based on receding inflationary pressures and rejected criticism the bank had waited too long to stimulate the Continent's flagging economy.

Across Europe ECB board members argued that 30 August's long-awaited cut in rates came at the exact right time and the 4.25 percent benchmark minimum bid rate was now appropriate.

The central bankers, once again, stressed the ECB's primary concern was inflation a

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