The European Central Bank cut the base rate to a historic minimum.

The European Central Bank (ECB) meeting on March 5, decided to reduce the base rate by half a percentage point to 1.5 percent. The figure is a minimum in the history of the EU. This was reported in the official press release of the ECB.
Over the past six months the EU Central Bank lowered the rate to 2.75 percentage points. Mitigation of the monetary policy of the bank is due to the global economic crisis, which led to the loss of multi-banking system of Europe, as well as the collapse in the real sector. Eurozone GDP in the fourth quarter of 2008 decreased by 1.5 per cent, which is the largest fall in the history of the region.
March 5, decided to reduce the refinancing rate as the Bank of England. Like the ECB, the main regulator of the UK financial system has reduced the rate by 0,5 percentage points before the half. The base rate in the U.S. is in the range 0-0,25 percent.
Course euros at auction on March 5, has fallen by almost percent to the dollar due to speculation the ECB to lower rates. In mid-trading session, the euro was worth 1.2546 dollars, at one cent less than the closing bid on March 4.