FRANKFURT, Germany, June 5 (UPI) -- The European Central Bank took the unprecedented step of cutting its interest rate to 0.1 percent and listing its interest on deposits at negative 0.1 percent for the first time.
European Central Bank President Mario Draghi released a series of measures that are intended to boost bank lending and help the eurozone's fragile recovery by keeping ultra low inflation at bay. The step to impose negative interest rates on deposits is a first for a large bank, with Draghi saying that they would take further "unconventional" steps to help the region's economy.