The President of the European Central Bank Mario Draghi has cut interest rates to zero per cent.
It was an unexpected move but the ECB is pushing to boost inflation rates in the single currency eurozone which have been at or below zero for the past year.
The ECB is also going to make it more expensive for banks to park their money at the ECB so they are encouraged to invest in businesses.
He'll do this by setting the ECB's deposit rate at minus nought point four percent which is one percentage point lower than previously.
Monthly purchases of government bonds - known as quantitative easing - by the ECB are increasing from about 66 to 88 billion dollars.
ECB president Mario Draghi says they expect these measures should be enough to get inflation increasing again.
In: "We don't.."
Out: "has been very positive"
Dur:23
ALT
ECB president Mario Draghi says he doesn't forecast the eurozone entering a phase of deflation.
In: "Let me say that"
out: "horizon of our purposes"
Dur: 12