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ECB Cuts Deposit Rate to 0.0% from 0.25%

Thursday, 5 Jul 2012 | 7:45 AM ET

"I was not surprised by the cut at all because this has been exactly priced in. What we see there was really caused by the fact that inflationary expectations have gone down a little bit in the medium run, but I wonder if this really serves the European economy," Ansgar Belke, director macro economy research at DIW Berlin, told CNBC.