ANI
12 Sep 2019, 20:57 GMT+10
Washington [US], Sept 12 (ANI): Hours after European Central Bank (ECB) lowered rates on deposit facility by 10 basis points, US President Donald Trump on Thursday criticised the Federal Reserve for not acting quickly as ECB.
"European Central Bank, acting quickly, Cuts Rates 10 Basis Points. They are trying, and succeeding, in depreciating the Euro against the VERY strong Dollar, hurting US exports... And the Fed sits, and sits, and sits. They get paid to borrow money, while we are paying interest!" he tweeted.
On Thursday, the European bank said that it would cut its interest rate for deposits by 10 basis points to minus 0.5 per cent, and keep them there or lower for the foreseeable future, CNN reported.
It also announced that it would start printing money again, promising to buy 20 billion Euros (USD 22 billion) in financial assets per month starting in November. The central bank said it would continue the purchases for "as long as necessary."The ECB had ended its recent assent-buying program in December and the interest rates in the eurozone were already at historic lows.
However, Germany, Europe's biggest economy, is on the brink of recession, and the US-China trade war is dragging on growth. In this wake, ECB President Mario Draghi had been indicating that the central bank would take decisive action, which was reflected in its latest move. (ANI)Get a daily dose of Germany Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Germany Sun.
More InformationDUBLIN, Ireland: Ireland has been praised for taking the lead with a law that would ban imports from Israeli-occupied territories....
PARIS, France: French military and intelligence officials have accused China of orchestrating a covert campaign to damage the reputation...
Air India crash report shows both engines shut down shortly after takeoff Both engines of the recently crashed Air India airplane...
The automotive sector, which is already deeply integrated with the EU and the U.S., is already feeling the pain. BRUSSELS, July 12...
BERLIN, 12th July, 2025 (WAM) -- The Federation of German Industries (BDI) has called on the European Union and the United States to...
Berlin [Germany], July 12 (ANI/WAM): Germany called on the European Union on Saturday to negotiate 'pragmatically' with the United...
DUBLIN, Ireland: The Royal National Lifeboat Institution (RNLI) has issued a strong safety warning ahead of this weekend's expected...
WASHINGTON, D.C.: The Trump administration has started sending some weapons to Ukraine again, just a week after the Pentagon told officials...
DUBLIN, Ireland: Irish Rail incurred over 26,000 euros in damages due to a series of graffiti incidents carried out by a 24-year-old...
SLUBICE, Poland: Poland reinstated border controls with Germany and Lithuania on July 7, following Germany's earlier reintroduction...
DUBLIN, Ireland: Taoiseach Micheál Martin has expressed cautious optimism that the European Union and the United States can strike...
ZAGREB, Croatia: A massive concert by popular Croatian singer Marko Perković, known by his stage name Thompson, has drawn widespread...