'Bold' ECB cuts rates as low inflation settles in

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The European Central Bank (ECB) today surprised markets by responding to lower-than-expected inflation figures with a cut in its main refinancing rate, from 0.50% to 0.25%, with president Mario Draghi telling reporters the governing council agreed on the need to act, although not on the timing of the move.

The latest eurozone inflation figures for the year to October showed consumer prices growing by just 0.7%, compared with 1.1% in the year to September 2013. At last month's press conference, D

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