ECB Finally Lowers Interest Rates Slightly

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Today’s economic news from Europe:

As was widely expected, the ECB’s governing council voted to cut the main refinancing rate by a quarter of a percentage point to 0.50%. The rate, which determines the cost of more than €850 billion in ECB loans outstanding, had stood at 0.75% since last July.

Unemployment in the euro area is 12.1 percent, and the ECB has finally seen fit to reduce policy rates to 0.5 percent. What’s it going to take for them to go lower? 13 percent unemployment? 14 percent? 20 percent?

It is all just mind boggling.

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DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily crazy—Mother Jones' journalism is driven by one simple question: Will America will move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

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