ECB accelerates rate cuts to curb sluggish growth

The European Central Bank cut interest rates for the second time in a row, accelerating the pace of rate cuts to support an economy that is increasingly showing signs of weakness. The ECB is now more worried about supporting growth than curbing inflation. Europe faces a different set of problems than the U.S., where growth is strong. The eurozone economy appears to have retreated this summer after a brief rebound in the first half of the year. Germany, the eurozone's largest economy, has barely grown since before the outbreak. Signals for the coming months do not look promising. Eurozone PMI fell into contraction territory last month for the first time since February.