November 7, 2013 / 2:26 PM / in 4 years

Italy PM Letta says ECB rate cut "great news", will help growth

DUBLIN, Nov 7 (Reuters) - Italian Prime Minister Enrico Letta on Thursday strongly welcomed the European Central Bank’s decision to cut interest rates, saying it would help curb the strength of the euro and help economic growth.

“It is great news because it shows the ECB cares about growth and competitiveness in Europe,” Letta said at a news conference in Dublin after the ECB surprised markets by cutting its main refinancing rate to 0.25 percent from 0.50 percent.

Letta said the move would allow a “re-balancing” of the euro-dollar rate which had been “a source of difficulty in recent months.”

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