ECB cuts interest rates by 0.5%

Summary - The European Central Bank (ECB) has made a surprise cut in its key interest rate reducing it by a quarter point to 4.5%.

ARTICLE - The news gave an immediate boost to the European single currency, the euro, against the dollar, and triggered a surge in share prices.

The ECB was the last of the big central banks to cut rates, after it had insisted for months that it was more concerned about inflation in the 12 country eurozone than worries about a global economic slowdown.

It was only t

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