The Governing Council of the ECB has cut the main refinancing rate by a cumulative 325 basis points since last October bringing it to its lowest level on record at 1 per cent. This has had a very significant effect in lowering borrowing costs for households and firms across the region, including here in Ireland.
As a growth strategy to stimulate private investment, the government formulated the Japan Revitalization Strategy and revised it in June. The Bank strongly expects that the measure will be steadily carried out, and thereby firms will aggressively undertake initiatives.