ECB cuts rates – as it happened



The ECB has cut rates further into negative territory as it seeks to stimulate the eurozone amid the global economic downturn.

Mario Draghi has unveiled a whole host of new measures in response to the slowdown in growth in emerging markets and the sharp fall in the oil price.

Key developments

  • Headline deposit rate cut by 10 basis points to -0.40%

  • The asset purchase programme increased from €60bn to €80bn

  • Scope of QE expanded to include non-bank corporate bonds issued in eurozone

  • A new series of targeted longer-term refinancing operations aimed at providing cheap liquidity

  • GDP and inflation forecasts revised down:

  • GDP: 1.4% in 2016, 1.7% in 2017 and 1.8% in 2018

  • Inflation: 0.1% in 2016, 1.3% in 2017 and 1.6% in 2018

  • By Emily Cadman and Mark Odell

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