The Governing Council of the ECB, by means of teleconferencing, has taken the following monetary policy decisions:
The minimum bid rate on the main refinancing operations of the Eurosystem will be reduced by 50 basis points to 3.75 %, with effect from the main refinancing operation to be settled on 15 October 2008.
The interest rate on the marginal lending facility will be reduced by 50 basis points to 4.75 %, with immediate effect.
The interest rate on the deposit facility will be reduced by 50 basis points to 2.75 %, with immediate effect.
In the euro area, upside inflationary risks have recently decreased further. It remains imperative to avoid broad-based second-round effects in price and wage-setting. Keeping inflation expectations firmly anchored in line with our objective and securing price stability in the medium term will support sustainable growth and employment and contribute to financial stability.