Mario Draghi, President of the European Central Bank (ECB), addresses the media during a press conference following the meeting of the Governing Council in Frankfurt am Main, western Germany, on March 10, 2016. / AFP / DANIEL ROLAND
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The European Central Bank delved deep into its remaining arsenal of stimulus options on Thursday, cutting all three of its interest rates and expanding asset-buying to boost the economy and prevent ultra-low inflation becoming entrenched.While the deposit rate was cut 10 basis points to 0.4 percent, the main refinancing rate was shaved to zero from 0.05 percent and its marginal lending rate – used by banks to borrow from the ECB overnight – fell to 0.25 percent from 0.3 percent.Hoping to boost lending, consumption and inflation, the ECB said it would also start buying corporate debt and launch four new rounds of cheap loan packages, to be extended by banks to the real economy. Inflation has been below the ECB's nearly 2 percent target for three years and is likely to remain so for many more.
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