May 2, 2013

ECB Finally Lowers Interest Rates Slightly

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Today’s economic news from Europe:

As was widely expected, the ECB’s governing council voted to cut the main refinancing rate by a quarter of a percentage point to 0.50%. The rate, which determines the cost of more than €850 billion in ECB loans outstanding, had stood at 0.75% since last July.

Unemployment in the euro area is 12.1 percent, and the ECB has finally seen fit to reduce policy rates to 0.5 percent. What’s it going to take for them to go lower? 13 percent unemployment? 14 percent? 20 percent?

It is all just mind boggling.

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DECEMBER IS MAKE OR BREAK

A full one-third of our annual fundraising comes in this month alone. That’s risky, because a strong December means our newsroom is on the beat and reporting at full strength—but a weak one means budget cuts and hard choices ahead.

With only days left until December 31, we've raised about half of our $400,000 goal—but we need a huge surge in reader support to close the remaining gap. Whether you've given before or this is your first time, your contribution right now matters.

Managing an independent, nonprofit newsroom is staggeringly hard. There’s no cushion in our budget—no backup revenue, no corporate safety net. We can’t afford to fall short, and we can’t rely on corporations or deep-pocketed interests to fund the fierce, investigative journalism Mother Jones exists to do. That’s why we need you right now. Please chip in to help close the gap.

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