The European Central Bank slashed its main refinancing rate and the marginal lending rate on Thursday.
Following its meeting in the Slovak capital Bratislava, the Governing Council led by ECB President Mario Draghi reduced the main refinancing rate by 25 basis points to a record low 0.50 percent.
The move was widely expected after recent data revealed increasing weakness in the single currency economy. The latest cut came after the bank held the rate steady at 0.75 percent for nine consecutive months.
The bank also lowered the marginal lending facility rate to 1 percent from 1.50 percent.
The deposit rate, which is already at zero, was left unchanged.
The previous change in euro area interest rates was a quarter-point reduction in July 2012.
Draghi will hold the post meeting press conference at 8.30 am ET where he is expected to explain today's rate move.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.