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On June 5, 2003, the European Central Bank acted to decrease the short-term interest rate by half a percentage point to 2 percent. At that

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On June 5, 2003, the European Central Bank acted to decrease the short-term interest rate by half a percentage point to 2 percent. At that time, the European countries were growing very slowly or were in recession. It was hoped that, due to the rate cut, planned investment would |increase and aggregate output or income would increase

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