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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