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The biggest surprise of the past two weeks was the announcement by the European Central Bank (ECB) on Nov. 7 of a 0.25 percentage point reduction in its policy rate to a record low 0.25%. Most analysts had expected the ECB to take no action because the Eurozone economy was emerging from recession and appeared to be growing at a fast enough pace that it did not require further stimulation. Clearly that perception was in error. With the release of the preliminary GDP data for the third quarter it became a little clearer why the ECB acted.
Source : Cushman & Wakefield
