The European Central Bank (ECB) announced a massive new bond-buying program Thursday in a bid to stimulate the ailing euro zone economy.
President Mario Draghi announced that the central bank would cut its main deposit rate by 10 basis points to -0.5%, in line with expectations. The ECB now expects interest rates to remain at their present or lower levels until it has seen inflation outlook "robustly converge to a level sufficiently close to but below 2% within its projection horizon, and such convergence has been persistent.
The central bank's quantitative easing program will entail 20 billion euros per month of asset purchases for as long as it deems necessary.
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