As expected, the final ECB Governing Council meeting of 2024 saw it cut interest rates for the fourth time this year. It reduced them by 25bps, with the Deposit rate lowered to 3.00%, while the Re-fi rate was decreased to 3.15%. The ECB commenced its easing cycle in June, and followed with rate cuts at its September and October meetings. Yesterday's decision by the ECB to cut rates was unanimous.