BRUSSELS, Oct 8, 2008 (AFP) - Dramatic, coordinated interest rate cuts by leading central banks on Wednesday won high marks from European businesses, with umbrella association BusinessEuropee saying it would help restore confidence.

'This joint intervention shows that the ECB and its counterparts across the world will take all necessary actions to contain the ongoing crisis,' the business lobby said in a statement.

'This sends a message of confidence not only to financial markets and banks but more importantly to companies and citizens,' it added.

The US Federal Reserve, the European Central Bank, Bank of England and central banks in China, Sweden and Switzerland all joined the new interest rate offensive, simultaneously cutting rates by half a percentage point.

'We have two reasons to be satisfied by today's decision: lower interest rates and the concerted action of the major central banks,' said BusinessEurope president Ernest-Antoine Seilliere.

'This is the right decision to restore confidence.'