European central banks yesterday intensified their efforts to combat the continent's severe recession by unveiling bolder-than-expected moves to buy assets and boost growth through historically-low interest rates.
The European Central Bank cut its main interest rate by a quarter percentage point to 1 per cent, the lowest yet, and announced plans to buy €60bn ($80bn) of covered bonds, which are backed by mortgage or public sector loans.
Separately, the Bank of England said it would pump a further ￡50bn ($75bn) into the UK economy through its programme of “quantitative easing”.
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