Euro Central Banks Slash Interest Rates

The Bank of England cut interest rates a full 1% today to 2%, the lowest level since 1939, and the European Central Bank followed with a cut of 75 basis points, to 2.5%, the largest cut in its 10-year history, MarketWatch reports. Those moves came on the heels of a 175 basis point cut by the Swedish Central Bank—its largest cut ever—also to 2%, as economic woes continue to spur global money authorities to ratchet down rates. (More financial crisis stories.)