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 Irish 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 Irish Sun.
More InformationMADRID, Spain: Liverpool footballer Diogo Jota and his younger brother, André Silva, have died in a car accident in Spain. Spanish...
LONDON, U.K.: An unrelenting heatwave sweeping across Europe has pushed early summer temperatures to historic highs, triggering deadly...
President Donald Trump's plans to build a space-based Golden Dome missile defense shield have drawn immediate criticism from China,...
NEW YORK CITY, New York: Paramount has agreed to pay US$16 million to settle a lawsuit brought by U.S. President Donald Trump over...
LONDON, U.K.: British Prime Minister Keir Starmer won a vote in Parliament this week to move ahead with changes to the country's welfare...
WASHINGTON, D.C.: President Donald Trump will meet Israeli Prime Minister Benjamin Netanyahu at the White House on Monday. President...
LONDON, U.K.: An unrelenting heatwave sweeping across Europe has pushed early summer temperatures to historic highs, triggering deadly...
DUBLIN, Ireland: Tánaiste Simon Harris has called on the United States to use every hour to reach a zero-for-zero tariff agreement...
DUBLIN, Ireland: A blind woman from Dublin says she was hurt while getting off a bus because the driver refused to pull in close to...
DUBLIN, Ireland: The Irish Nurses and Midwives Organisation (INMO) has warned that there could be a serious trolley crisis this summer...
ISTANBUL/PARIS/BRUSSELS: As searing temperatures blanket much of Europe, wildfires are erupting and evacuation orders are being issued...
NEW YORK CITY, New York: The U.S. dollar continues to lose ground, weighed down by growing concerns over Washington's fiscal outlook...