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ECB's Wellink says further cut cannot be excluded

European Central Bank Governing Council member Nout Wellink said a further reduction to the bank's interest rates could not be excluded and that the first quarter of this year would not be a good one for growth.

“A further rate cut cannot be excluded,” Wellink told Reuters on the sidelines of an Ecofin meeting Prague.

The ECB cut rates by a smaller-than-expected 25 basis points on Thursday to new record lows, taking the main refi rate to 1.25% and the overnight deposit rate - now acting as a floor for money markets - to 0.25%. (Reuters)