- The Washington Times - Thursday, April 2, 2009

FRANKFURT (AP) - The European Central Bank has lowered its benchmark interest rate to a record low of 1.25 percent as it tackles the economic downturn plaguing the 16 countries that use the euro.

Thursday’s quarter percentage point reduction comes as members of the Group of 20 are meeting in London to hash out measures to reverse the global financial crisis and reform financial markets.

Markets will be watching comments from ECB President Jean-Claude Trichet at a press conference later in the day, when he will explain the bank’s decision.

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