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The European Central Bank pumped a record €442 billion ($662 billion) into euro-zone money markets Wednesday in its first-ever offer of one-year funds as it continues battling the Continent's deep recession.
Euro-zone banks borrowed the one-year funds, the largest amount the central bank has ever dispersed at a single shot, at the ECB's current key rate of 1%. Much of the total likely substituted for amounts banks had been borrowing from the ECB for shorter time periods, so the net stimulus to the economy is less than it appears at first sight.