June 5, 2014 / 12:51 PM / 3 years ago

Germany's Merkel declines comment on ECB rate cut

BRUSSELS (Reuters) - German Chancellor declined comment on Thursday on the European Central Bank’s decision to cut interest rates to record lows, saying the bank took its decisions independently.

Merkel was asked about the ECB’s move at a news conference after a meeting of Group of Seven leaders in Brussels.

The ECB earlier cut interest rates to record lows, imposing negative rates on its overnight depositors to cajole banks into lending more and to fight off the risk of Japan-like deflation.

Writing by Noah Barkin

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