The European Central Bank reduced official borrowing costs for the eurozone by another half percentage point to 1.5 per cent, its lowest rate since the euro was launched in 1999, as it took a sharply gloomier view on Europe's recession and forecast exceptionally weak inflation.
In the UK, the Bank of England lowered rates by the same amount, taking them to 0.5 per cent, the lowest rate since the Bank was created in 1694.
The BoE conceded it had run out of ammunition with conventional policy and started a large programme of quantitative easing – creating money to buy assets – in an effort to prevent deflation.
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