The European Central Bank has moved to bolster the eurozone economic recuperation by slashing its key interest rate and extending its asset buying program.
The central bank lowered its overnight deposit rate from -0.2% to -0.3%, as well as extended its monthly €60 billion stimulus program until March 2017. But the main interest rate remained at 0.05%.
ECB President Mario Draghi, in a news conference, said their quantitative easing was working. But he added the extension would deal with prolonged low inflation and get it back towards their 2% target.
Soon after the announcement, the main stocks in Germany and France plummeted. But the euro escalated versus the US dollar.
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