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ECB Deposit Rate of 0% Said to Be No Obstacle to Lower Benchmark
European Central Bank policy makers have overcome a key concern about taking the benchmark interest rate below 1 percent, two euro-area central bank officials said. The likelihood that such a move would also involve cutting the rate the ECB pays banks on overnight deposits from 0.25 percent is no longer an obstacle for a majority of the Governing Council, said the officials, who spoke on condition of anonymity because the deliberations aren’t public. The deposit rate traditionally moves in tandem with the benchmark and policy makers have been reluctant to take it to zero out of concern it would discourage interbank ... (full story)
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