ECB cuts interest rate by 0.25%p...Deposit rate 3.00% per annum

European Central Bank, ECB cut policy rates for third consecutive time

The ECB held its last monetary policy board meeting this year in Frankfurt, Germany, on the 12th local time, to cut the deposit rate by 0.25 percentage points from 3.25% to 3.00% and the key rate from 3.40% to 3.15% respectively.

The marginal loan rate was also reduced from 3.65% to 3.40% per year.

The gap between the U.S. Federal Reserve (Fed) benchmark interest rate and the ECB deposit rate widened to 1.50 to 1.75 percentage points.

The ECB also cut its outlook for eurozone economic growth this year to 0.7% from 0.8%, and next year's forecast to 1.1% from 1.3%.