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Base rate down by 0.75% in Europe to 2.5%

The European Central Bank (ECB) dropped its base rate by 75 basis points to 2.5 per cent -

the largest cut in its 10 year history.

Europe is officially in recession with output falling by 0.2 per cent in both the second and the third quarters.

Inflation fell sharply in November to 2.1 per cent, from 3.2 per cent in October leading to concern of possible deflation in 2009.

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Date: 5th, December, 2008

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