ECB cuts main Eurozone interest rate to 0.15%

The European Central Banks has cut the main interest rate to 0.15%, as part of a package of radical measures to breathe new life into the moribund economy.

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ECB rate drop to support lending to 'real economy'

The President of the European Central Bank, Mario Draghi, said policy measures announced today, including a drop in the main Eurozone interest rate, will help stimulate European economies.

Mr Draghi told a press conference in Frankfurt: "We decided on a combination of measures to provide additional monetary policy accommodation and to support lending to the real economy."

ECB cuts main interest rate to 0.15%

The European Central Bank has cut its main interest rate used to set consumer loans in the Eurozone to 0.15%.

ITV News Business Editor Richard Edgar is following developments.

Meanwhile Eurozone banks will now have to face negative interest rates, meaning they have to pay 0.1% to deposit their own money.

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