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The Boston Globe

Business

European bank cuts key rate to record low

BRATISLAVA, Slovakia — The European Central Bank cut its benchmark interest rate to a record low Thursday but remained unwilling to deploy more powerful weapons that many economists say are needed to jolt the region out of recession.

The central bank trimmed its main rate to 0.5 percent from 0.75 percent. The move was seen by many as mostly symbolic, to avoid the impression that the bank and its president, Mario Draghi, were sitting on their hands as recession spread across the eurozone.

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