Mario Draghi. Image by Getty.
Hello and welcome to today’s live blog on the ECB press conference.
The governing council has just cut its main rate below 1 per cent for the first time in the ECB’s history. It has also cut its deposit rate to zero.
All times are UK time.
14.33 This live blog is now closed.
14.32 The questions end.
14.31 Mr Draghi says negative nominal interest rates — ie, actually charging banks to park funds at the ECB — have not yet been discussed. He doesn’t rule them out though, saying simply that they will not “elaborate” on further action.
The ECB president also dismisses concerns that they are “running low” on policy options. Read more
The ECB’s governing council has cut its main rate below 1 per cent for the first time in the institution’s history, as expected. The main refinancing rate falls by 25 basis points to 0.75 per cent. The rate on the deposit facility has fallen to zero. The rate on the marginal lending facility has been lowered to 1.5 per cent.
Mario Draghi, ECB president, will take journalists’ questions from 1.30pm UK time. Read more
The People’s Bank of China has cut interest rates. This from Bloomberg:
The one-year deposit rate falls to 3 per cent. The one-year lending rate falls to 6 per cent. Read more
As expected, the Bank of England’s Monetary Policy Committee has announced an additional £50bn-worth of quantitative easing, taking the total stock of asset purchases to £375bn.
Here is the Bank’s statement: Read more