Mario Draghi - The ECB's move, though predicted, is unprecedented (Photo: World Economic Forum)

ECB tries to jumpstart economy with historic move

The European Central Bank has taken the major step of introducing negative interest rates for bank deposits as it tries to jumpstart eurozone economies.

On Thursday (5 June) it became the first major central bank (among the US Federal Reserve, the Bank of Japan and the Bank of England) to effectively charge central banks for parking money with it rather than lending it out.

The ECB also cut its main interest rate from 0.25 percent to 0.15 percent and promised further steps if need...

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