‘Losing momentum’: ECB cuts interest rate to new record low of 0.05%

‘Losing momentum’: ECB cuts interest rate to new record low of 0.05%

The European Central Bank unexpectedly cut interest rates to 0.05% from 0.15% in a strong response to combat deflation. The move comes as the EU is struggling to boost its stagnating economy, which Draghi.

“Growth recovery was losing momentum,” ECB President Mario Draghi said at the news conference after the announcement was made to cut rates further.