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(Bloomberg) Draghi Takes ECB Deposit Rate Negative in Historic Move

Posted on June 5, 2014 by Kendall Harmon

The European Central Bank cut its deposit rate below zero and said it would announce further measures later today as policy makers try to counter the prospect of deflation in the world’s second-largest economy.

ECB President Mario Draghi reduced the deposit rate to minus 0.10 percent from zero, making the institution the world’s first major central bank to use a negative rate. Policy makers also lowered the benchmark rate to 0.15 percent from 0.25 percent.

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Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, Credit Markets, Currency Markets, Economy, Euro, Europe, European Central Bank, Globalization, Housing/Real Estate Market, Labor/Labor Unions/Labor Market