ECB Cuts Interest Rates Amid Economic Concerns

The European Central Bank has reduced interest rates in response to economic stagnation, marking its fifth cut since June. ECB President Christine Lagarde expressed confidence in inflation reaching the 2% target by 2025. The euro zone's growth struggles due to industrial slowdown and weak consumption.

The European Central Bank has once again slashed interest rates, setting the stage for potential further reductions as it grapples with sluggish economic growth overshadowing persistent inflation concerns.

This move marks the ECB's fifth rate cut since June, a strategic decision aimed at providing relief to a faltering economy experiencing the harshest inflation surge in decades.

ECB President Christine Lagarde voiced confidence in achieving the central bank's inflation target of 2% by 2025, supported by unanimous backing from policymakers.

(With inputs from agencies.)