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European central banks set to slash interest rates

There is growing realisation in Europe that unless interest rates are reduced substantially over the next few weeks we could see a major recession engulf all of Europe, one which could last for many years to come. The Bank of England is expected to kick off a round of interest rate reductions across Europe with central banks under extreme pressure to take drastic action in the fight to refloat economies.

While the last few weeks have been dominated by the US presidential elections it is very much back to reality now as the economic slowdown continues to worsen and many are concerned about the threat of a depression around the world. A depression, such as that seen in the 1930s in America, would have a serious impact on the worldwide economy and would see more and more economies collapse with less and less funding available to bail them out.

After the rescue packages and liquidity injections into the money markets now is the time to slash interest rates to encourage a feelgood factor with the European consumer, something which has been missing for some time. Confidence and the consumer are the key to refloating and refocusing economies around the world and this looks like being the next target for governments around the world.

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