Reuters - Video

Edition: US | UK | IN | CN | JP

video Video

Bernanke steps into the spotlight
Bernanke steps into the spotlight - 02:13
The official royal wedding guest list revealed
The official royal wedding guest list revealed - 01:23
Shuttle astronauts arrive at Cape Canaveral
Shuttle astronauts arrive at Cape Canaveral - 01:18
Waiting for Bernanke
Waiting for Bernanke - 01:51
Hospital staff flee border fighting
Hospital staff flee border fighting - 01:10
Thousands at Sai Baba funeral
Thousands at Sai Baba funeral - 01:03
Al Qaeda releases hostage messages
Al Qaeda releases hostage messages - 01:43
Obama calls birth controversy \
Obama calls birth controversy "distracting" - 05:29
Three blasts hit Kirkuk
Three blasts hit Kirkuk - 01:25
Protests intensify in Yemen
Protests intensify in Yemen - 01:24
Border clashes displace thousands
Border clashes displace thousands - 01:50
S&P Credit Rating Warning Helpful - Lister
S&P Credit Rating Warning Helpful - Lister - 00:53

Draghi's surprise ECB rates cut

Thursday, November 03, 2011 - 01:37

Nov. 3 - New European Central Bank President Mario Draghi cuts interest rates amid a worsening euro area economic outlook and warnings of a mild recession. Kirsty Basset reports.

▲ Hide Transcript

▶ View Transcript

Mario Draghi has made his mark at his first meeting as head of the European Central Bank, with a surprise move. (SOUNDBITE)(English) HEAD OF THE ECB, MARIO DRAGHI, SAYING: "The governing council decided to reduce the key ECB interest rate by 25 basis points." He said inflation was likely to move below 2 per cent next year - adding that growth would also decline. (SOUNDBITE)(English) HEAD OF THE ECB, MARIO DRAGHI, SAYING: "The ongoing tensions in financial markets are likely to dampen the pace of economic growth in the euro area in the second half of this year and beyond." Markets had been eagerly awaiting comments from the new president, for any signs that he would boost the bank's bond buying program to help ease the pressure on debt laden euro zone members. But Draghi seemed to rebuff these calls. (SOUNDBITE)(English) HEAD OF THE ECB, MARIO DRAGHI, SAYING: "The securities market program is, always had, was meant to have, and it's been stated since the very beginning has three characteristics. First of all it's temporary. Second it's limited in its amount. And third, it's justified on the basis of restoring the functioning of monetary transmission channels." Nonetheless traders said on Monday the ECB had bought Italian and Spanish bonds. With Greece's government on the brink of collapse, there's growing pressure on the bank to step up the program to help ease market turmoil. Kirsty Basset, Reuters.

Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code

Close

Draghi's surprise ECB rates cut

Thursday, November 03, 2011 - 01:37

Featured Videos

British gaming firm enlists army of players to create Worlds Adrift

British gaming firm enlists army of players to create Worlds Adrift

British game maker Bossa Studios releases Worlds Adrift, an ambitious adventure game designed that has taken three years and the up-front involvement of 50,000 gamers to create
England's innovative way to announce a youthful World Cup squad

England's innovative way to announce a youthful World Cup squad

England's World Cup squad announced by youngsters on viseo
Celebrities show their love (or indifference) for the royal wedding

Celebrities show their love (or indifference) for the royal wedding

Celebrities show their love or disdain for the royal family as Prince Harry and Meghan Markle's wedding approaches
Hemp-made electric scooter riding high in Amsterdam

Hemp-made electric scooter riding high in Amsterdam

A sustainable electric scooter called the Be.e developed by Dutch startup Van.Eko and made with a natural hemp body rolls on to the streets of Amsterdam
After world premiere, could 'Solo' become a franchise?

After world premiere, could 'Solo' become a franchise?

'Solo' cast and crew discuss reactions to the film, rumors of disruption on set and possible sequels the morning after the world premiere