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.
ECB cuts main rate (used to base consumer loans) to 0.15%
Meanwhile Eurozone banks will now have to face negative interest rates, meaning they have to pay 0.1% to deposit their own money.
European Central Bank takes rates for banks in the eurozone below zero: they have to PAY 0.1% to deposit cash, a bold experiment
Clashes between demonstrators and riot police erupted in Madrid, as tens of thousands of people took over the Spanish capital to protest against EU-imposed austerity.
Spanish newspaper El Mundo published dramatic footage showing police detaining several people during the protests in Madrid.
Police presence was heavy among groups carrying republican and communist flags, banners calling for an end to cuts in the health service, education and affordable housing.
Tens of thousands of protesters from across Spain converged in Madrid on Saturday calling for an end to EU-imposed austerity.
The so-called "Dignity Marches" in support of the country's worst-off urged the conservative government not to pay its international debts and to tackle unemployment of 26 percent.
The OECD says the economic crisis has hit Spain's poor more than in any other country in the group.
The European Central Bank has lowered its benchmark interest rate to 0.25% from 0.5% - a new record low.
Riot police stormed the defunct Greek state television headquarters in Athens, ending a five-month sit-in from protesters against the broadcaster's closure.
The government took the channel, ERT, off air in June as part of public sector cuts demanded by foreign lenders.
About 50 sacked journalists refused to leave the building and kept ERT alive over the Internet for five months.
They were finally removed from the building in the pre-dawn raid on Thursday.
Four people were briefly detained, as police fired a few rounds of teargas to disperse the stand-off, officials said.
The government has since launched a new television channel called Public TV.
The Bank of England kept interest rates at 0.5% today.
The Bank also left the scale of its quantitative easing (QE) programme to boost the money supply unchanged at £375 billion.