On June 5th the European Central Bank reduced its main policy interest rate by 10 basis points to 0.15 percent in response to the slow recovery and low inflation rates in the eurozone. On addition, the ECB announced the availability of 400 billion Euros for loan to help the slow credit market. The hope is banks lend more money to the private sector, particularly small and medium sized businesses who were the main victims of the credit crunch in southern Europe. The ECB’s actions should provide a small boost to the euzozone’s economy but the long-term effect will be limited.
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