1.2.1 On November 9, 2011, the European Central Bank acted to decrease the short-term interest rate in Europe by one-fourth of a percentage point, to 1.25 percent, and additional cuts were made over the next three years, to a low rate of 0.05 percent by September 2014. The rate cuts were made because European countries were growing very slowly or were in recession. What effect did the bank hope the action would have on the economy? Be specific. What was the hoped-for result on C, I, and Y?