The European Central Bank (ECB) has cut interest rates for the third time this year, saying inflation in the euro zone was increasingly under control while the outlook for the wider economy was worsening.
The 0.25pc cut, announced on Thursday is the latest step as the bank winds back from a series of 10 rate hikes in 2022 and 2023.
The first back-to-back rate cut in 13 years marks a shift in focus for the euro zone's central bank from bringing down inflation to protecting economic growth, which has lagged far behind that of the US for two years in a row.
The quarter-point cut lowers the rate that the ECB pays on banks' deposits to 3.25%.
On a €300,000 mortgage, the latest 0.25% cut will result in a monthly saving of about €46.
Follow MyHome on WhatsApp for all the latest property news and advice.
