ECB cuts eurozone interest rate to new record low of 0.5%

On 2 May 2013 the European Central Bank (ECB) cut its benchmark interest rate to a new record low amid ongoing worries about the eurozone's economic health.

The widely-expected cut to 0.50% from 0.75% is the first in 10 months. Worries about eurozone economies were underlined with data showing manufacturing activity across the 17-nation bloc shrank in April 2013. In Germany, the eurozone's biggest economy, manufacturing contracted for the second month running.

• Primary Source

ECB: Press Release, 02.05.13: Monetary policy decisions http://www.ecb.int/press/pr/date/2013/html/pr130502.en.html

ESO: Background information: ECB signals rate cut on the agenda http://www.europeansources.info/record/ecb-signals-rate-cut-on-the-agenda/

ECB: Press Release, 02.05.13: Introductory statement to the press conference. Mario Draghi, President of the ECB, Vítor Constâncio, Vice-President of the ECB. Bratislava, 2 May 2013 http://www.ecb.int/press/pressconf/2013/html/is130502.en.html

France 24, 02.05.13: ECB cuts key interest rate to record low of 0.5% http://www.france24.com/en/20130502-european-central-bank-cuts-key-interest-rate-record-low-crisis

El País, 02.05.13: ECB rate cut underpins sovereign debt markets http://elpais.com/elpais/2013/05/02/inenglish/1367501603_531127.html

La Tribune, 02.05.13: ‘ECB: what is the reason for the lower rate?’ (via PressEurop) http://www.presseurop.eu/en/content/news-brief/3739311-ecb-what-reason-lower-rate

Deutsche Welle, 02.05.13: ECB lowers key rate to 0.5 percent to pep eurozone http://www.dw.de/ecb-lowers-key-rate-to-05-percent-to-pep-eurozone/a-16785289

EUObserver, 03.05.13: ECB steps in, vows help 'as long as needed' http://euobserver.com/economic/120021

EurActiv, 02.05.13: ECB cuts interest rate to shore up flagging economy http://www.euractiv.com/euro-finance/ecb-cuts-iunterest-rate-shore-fl-news-519494

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