"Less restrictive policy"/ European Central Bank lowers key deposit rate

The European Central Bank cut its deposit facility rate, its key rate, to 2.5%, a move that markets had widely anticipated before the announcement.

The bank also updated the language in its decision to say that monetary policy was becoming 'less restrictive'.

ECB President Christine Lagarde said after the decision that it was a result of substantial discussion, with no Governing Council member opposing it, although one central bank governor abstained.

"Monetary policy is becoming significantly less restrictive, as lower interest rates are making new borrowing less expensive for firms and households and credit growth is picking up," the Bank stated.

This change comes from the ECB's January comments, when the central bank still characterized monetary policy as "restrictive" and has been interpreted as a harsh change. /CNA 

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