ECB Rate Decision: European Central Bank Cuts Rates, Expands Asset-Buying Program To Boost Sagging Eurozone Economy

The European Central Bank cut interest rates on Thursday to boost the euro zone economy, surprising financial markets by dropping its main refinancing rate to zero from 0.05 percent.

It also expanded its quantitative easing asset-buying program to 80 billion euros a month from 60 billion euros and cut its deposit rate to -0.4 percent from -0.3 percent, charging banks more to keep their money with the ECB.