The 50 bp cut was reached by consensus, meaning the move was not unanimous, a rarity for the ECB.
Trichet also announced unlimited longer-term refinancing operations, beyond the end of 2009, leaving the spigots wide open for the banks.
On “non-standard measures” (QE) Trichet says they have already been doing that to a certain extent by growing the ECB balance sheet. EUR 600 bln has been taken onto the balance sheet, he says. The ECB is discussion and studying possible new non-standard measures.
