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Weber Says ECB Shouldn’t Cut Rates Below 1 Percent (Update2) 

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By Jana Randow and Simone Meier

March 10 (Bloomberg) -- European Central Bank council member Axel Webersaid the ECB shouldn’t cut its main interest rate below 1 percent and that he would prefer to keep the rate at which it accepts overnight deposits at 0.5 percent.

“I see the bottom line to which interest rates should fall at 1 percent,” Weber, who also heads Germany’s Bundesbank, said at a press conference in Frankfurt today. “I also see a problem with lowering the deposit rate to zero. I would prefer to leave it at 0.5 percent.”