ECB chief announces new record low interest rate for eurozone

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The President of the European Central Bank, Mario Draghi, has said the interest rate in the eurozone will be cut to a record low of 0.5%.

Speaking at a meeting of the bank's governing council in Bratislava on 2 May 2013, he admitted that the cut was needed to due to the "weak economic sentiment that has extended into the spring of this year".

He said he hoped the cut would boost recovery, as the single currency attempts to emerge from the debt crisis.

The announcement followed the release of official data earlier this week that showed record high unemployment in the eurozone, and inflation at a three-year low.

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