ECB Shadow Council urges ECB to cut rates by a full percentage point

At its meeting on Thursday, October 30 the ECB Shadow Council voted with a majority of eight votes to recommend a large rate cut of one percentage point to the European Central Bank at its next policy meeting on November 6. Seven members favored a cut of half a percentage point. Members agreed that growth prospects had deteriorated so much and inflation prospects improved so much that a very significant easing of monetary policy was in order.
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