ECB lowers interest rates to 1.50%
6 March 2009
The European Central Bank (ECB) on Thursday cut its key interest rate by a 50 basis points to 1.50 percent.
Trichet said inflation rates have decreased significantly and are now expected to remain well below 2 percent over 2009 and 2010. He stressed the importance of "an open market economy with free competition," saying "it is of the utmost importance to avoid protectionist measures."
"Refraining from protectionism will be key to allowing the global economy to overcome the current crisis more rapidly," he said.