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Draghi: "We are doing more because it works, not because it fails." (Photo: ECB)

ECB disappoints despite rates cuts and stimulus programme

The European Central Bank (ECB) decided on Thursday to fix interest rates at a record low of -0.30 percent and to extend for three months its stimulus programme for the eurozone economy.

The bank will continue to buy €60 billion in bonds each month – an operation known as quantitative easing (QE) – to boost growth and target a close to two percent inflation rate. It will extend the scheme to bonds issued by regional and local authorities.

"Today’s decisions reinforce the momentum ...

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Draghi: "We are doing more because it works, not because it fails." (Photo: ECB)

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