This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/8393086.stm
The article has changed 4 times. There is an RSS feed of changes available.
Version 0 | Version 1 |
---|---|
ECB starts to unwind some support | |
(about 2 hours later) | |
The European Central Bank (ECB) is to start withdrawing some of its special measures to support the economy. | |
The bank is withdrawing some of its cheap short-term loans designed to boost the amount of money available in the markets and encourage bank lending. | |
ECB president Jean-Claude Trichet said he had asked the banks "to do their job. We have helped them considerably." | |
The comments came as the Bank left interest rates on hold at 1% - the lowest level in its 10-year history. | |
ING senior economist Carsten Brzeski said: "The gentle exit has begun. Today's message to banks was crystal clear: do your homework, free refills are coming to an end." | |
Specifically, Mr Trichet said the 12 month loan offering in December would be the last one and the six month offering will end in March. | |
Separately, the European Union's Eurostat agency confirmed that the eurozone economy grew by 0.4% in the third quarter of 2009. | Separately, the European Union's Eurostat agency confirmed that the eurozone economy grew by 0.4% in the third quarter of 2009. |