The European Central Bank has cut all its interest rates and expanded its monthly bond purchases by a third – as President Mario Draghi strives to fend off the threat of euro-area deflation.
The 25-member Governing Council, meeting in Frankfurt today, cut the rate on cash parked overnight by banks by 10 basis points to minus 0.4 per cent, and its benchmark rate to zero.
Bond purchases were raised to €80 billion a month, starting in April,...
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