Trichet’s u-turn eases the pain

Mortgage holders will be surprised and delighted at the ECB’s record-breaking interest rate cut.

8th November, 2008

Mortgage holders will be surprised and delighted at the ECB’s record-breaking interest rate cut.

‘We are living in a different universe since September 15,” said Jean-Claude Trichet, the president of the European Central Bank (ECB) last week, as the bank took the unprecedented step of lowering eurozone interest rates by 0.5 per cent for the second time in less than a month.

For a man who had spent years carefully crafting his every...

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