It's no longer a big surprise for anybody, as solid rumors started to be heard for quite a while, but here it is, official from Microsoft: the Xbox 360 prices have been cut in Europe. However, this does make the recent rumors regarding the release of a 60GB Xbox 360 a little bit hard to believe, but you can never know what's in the mind of huge companies, right?

From Friday, the 14th of March, Xbox 360, which includes a 20GB hard drive and one wireless controller, will have an ERP of £199.99 (about $400) - a saving of £50 ($100) on the current ERP. The Xbox 360 Elite, which comes with a massive 120GB hard drive enabling consumers to store huge quantities of content downloaded from Xbox Live Marketplace as well as their own music, will have an ERP of £259.99 ($520) - a saving of £40 ($80). The Xbox 360 Arcade console, perfect for those wishing to make their first foray into the gaming and entertainment world of Xbox, will have an ERP of £159.99 ($320) - a saving of £40 ($80).

As you can see, these are quite some price drops - proving that Microsoft takes the consoles war seriously and wouldn't like anything but the first place. And it already does really well, being the first console that has more than 7.0 games sold per unit, while the PS.3 has 3.8 and the Wii 3.5. Of course, the number of consoles sold influences these figures, but that's just another story. Now we can accept Microsoft's own praise, since it's such a big day.

"We continue to offer intense, immersive gaming experiences for gamers - but now we're priced in a way that will allow new consumers to find out for themselves why Xbox 360 is the ultimate in high-definition entertainment," said Chris Lewis, Vice President, Microsoft Interactive Entertainment Business Europe. "History shows that £159.99 is the price point where a console's audience begins to expand, and with these new ERPs in place we're ready to bring more consumers into the Xbox 360 world."