IFA Farm Business chair Bill O’Keeffe has called on all lenders to pass back the reduction to all non-fixed loans and overdrafts facilities to their farmer customers.

The European Central Bank has announced another interest rate cut by a quarter of one percent.

This is good news for corporates, but it is unclear if it will benefit farmers directly.

The pace of price rises across the euro-area has slowed considerably in recent months.

In his recent report on European competitiveness, former ECB president Mario Draghi has argued for zonal pricing in the EU, and some US states have already moved in this direction.

Especially if carried forward into next year, the loosening of monetary policy by the ECB is itself a reflationary boost.