It’s crunch time for the ECB. After more than six months of talking, the governing council has finally eased policy:
- Deposit rates have gone negative decreasing by 10 basis points to -0.10%
- The main refinancing rate has been cut by 10 basis points to 0.15%
- The marginal lending facility rate has been cut by 35 basis points to 0.40%
The changes all take effect from June 11
ECB president Mario Draghi will take questions from the press at 1.30pm to explain the thinking behind the cuts
Follow all the action and market reaction here with economics reporter Emily Cadman and Lindsay Whipp in London, with Eurozone economy correspondent Claire Jones in Frankfurt.