ECB cuts interest rate to 0.15%
Speaking to journalists after its monthly Governing Council meeting, ECB president Mario Draghi said that the ECB has decided to cut interest rates to 0.15%.
“In pursuing our price stability mandate, today we decided on a combination of measures to provide additional monetary policy accommodation and to support lending to the real economy. This package includes further reductions in the key ECB interest rates, targeted longer-term refinancing operations, preparatory work related to outright purchases of asset-backed securities and a prolongation of fixed rate, full allotment tender procedures. In addition, we have decided to suspend the weekly fine-tuning operation sterilising the liquidity injected under the Securities Markets Programme.” Draghi said.