Report says ECB rate cut 'blocked'

A UK newspaper has reported that the ECB was effectively blocked from cutting interest rates last week after German and Dutch governors resented political pressure to ease eurozone monetary policy further.

Senior officials have said, according to a report in The Telegraph in the UK that emergency rate cuts "promised" by the ECB's president Jean-Claude Trichet were blocked last week in an unprecedented revolt by the bank's governing council.

The refusal to act prompted a furious protest from bus