ECB Cuts to 2.75%; BOE Cuts to 4.50% as Europe Slows

The ECB cut its deposit facility rate by 25 basis points to 2.75% at its February meeting — citing weak eurozone growth, especially German recession, and declining inflation. The same day, the Bank of England cut to 4.50% by a 7-2 vote, signaling 'gradual and careful' easing, as UK GDP growth came in weaker than expected and the UK narrowly avoided a technical recession.