The March meeting of the ECB Governing Council saw the central bank cut interest rates for a second consecutive time this year. It reduced them by 25bps, with the Deposit rate lowered to 2.50%, while the Re-fi rate was decreased to 2.65%. This marked the sixth 25bps rate cut since the ECB started its easing cycle last June. The changes to official interest rates were in line with market expectations. The decision was by consensus, with one Governing Council member (Holzmann) abstaining from the vote.