The European Central Bank has cut its benchmark interest rate in an effort to battle weak growth and dropping inflation in the eurozone.
The ECB cut its key refinancing rate to 0.05%, a record low for the single currency's 15 year old central bank.
It also cut its deposit rate to negative 0.2 percent - which is meant to incentivise banks to lend instead of save.
After the central bank's governing council meeting, President Mario Draghi also revealed the ECB will begin buying asset-backed securities - or bundles of loans issued by banks to businesses and households - as early as October.
Our Europe correspondent says Thursday's announcement was unexpected...
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