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"His impact on the game extended far beyond the boundary ropes," said ECB chair Richard Thompson.

The main rate has been reduced from 2.25% to 2% by the ECB, which sets rates for the countries that use the euro.

The ECB said that, in the short-term, "uncertainty" surrounding trade "would weigh on business investment and exports".

However, the ECB expects the economy will gather pace in the medium-term, boosted by European spending on defence and infrastructure.

The ECB's latest accounts show a pre-tax profit of £27.9m.