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ECB rate cut a transitional measure: Schauble German Finance Minister, Wolfgang Schäuble, and his Italian counterpart, Pier Carlo Padoan, held a press conference in Berlin on Thursday in the wake of interest rate cuts by the European Central Bank. Germany's main stock index breached 10,000 points for the first time ever on Thursday after the ECB cut its key interest rates and unveiled new measures to support bank lending. IMAGES AND SOUNDBITES.