BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - The European Central Bank cut its interest rates for a fourth policy session in a row as expected as euro area economy ground to a half in the final quarter of 2024 and inflationary pressures increased.
The Governing Council, led by ECB President Christine Lagarde, lowered the benchmark - the deposit rate - by 25 basis points to 2.75 percent.
The main refinancing rate was trimmed by a similar volume to 2.90 percent and the lending rate to 3.15 percent, respectively.
The central bank for the single currency bloc has lowered interest rates in every rate-setting session since September and each reduction was 25 basis points.
'The disinflation process is well on track,' the ECB said in a statement.
'Inflation has continued to develop broadly in line with the staff projections and is set to return to the Governing Council's 2 percent medium-term target in the course of this year,' the bank said.
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