- 3 updates
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."
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.
Latest ITV News reports
Savers know rock bottom UK interest rates have delivered pitiful yields for years. But imagine if you had to pay to deposit your own money.