Daily Archives: November 7, 2013

Chris Giles

The well-worn chart below is often taken to show chronic lack of effective demand in the economy. It shows the level of gross domestic product (in red) alongside a trend line from 1997 to 2008 (in blue). Output is now 18 per cent below the previous trend and this purports to signal the failure of the British authorities to stimulate the economy sufficiently over the past five years.

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Mario Draghi

Today the ECB cut its benchmark main refinancing rate to 0.25 per cent.

ECB president Mario Draghi is giving his monthly press conference

Follow the questions and reaction live here with capital markets editor Ralph Atkins and Emily Cadman