Press Release: Monetary policy decisions

Following the terrorist attacks on the US, uncertainty about the US and the world economy has increased. The Federal Open Market Committee reacted by lowering its target for the federal funds rate on 17 September 2001. In concert with this decision, the Governing Council of the ECB met on 17 September 2001, by means of teleconferencing, and took the following monetary policy decisions: The minimum bid rate on the main refinancing operations of the Eurosystem would be reduced by 0.50% to 3.75% effective from 18 September 2001; The interest rate on the marginal lending facility would be reduced by 0.50 % to 4.75%, with effect from 18 September 2001 and the interest rate on the deposit facility would be reduced by 0.50% to 2.75%, with effect from 18 September 2001.

• Primary Source

http://www.ecb.int/press/pr/activities/ecb/html/index.en.html http://www.ecb.int/press/pr/activities/ecb/html/index.en.html

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