ECB rate cut will boost confidence: Welteke

Following the ECB's half point interest rate cut to 2.75 percent last week, ECB council member Ernst Welteke has said the move should boost confidence and bring long term improvement in euro zone economies.

Speaking in a radio programme, he also says changes to the European Union's Growth and Stability Pact are "not possible" as countries that abide by the rules will not allow it.

The Pact limits budget deficits to three percent of gross domestic product.

Some countries with deficits over, or cl