Mario Draghi on ECB rate cut decision

The European Central Bank has cut its benchmark interest rate to 0.05%, and introduced new stimulus measures.

The bank will also start buying up private-sector bonds.

It is trying to make credit cheaper, to get banks to lend to businesses, and to fight deflation which, if unchecked, could lead to a downward spiral of lower prices, lower wages and job losses.

But not everyone on the bank's council goes along with the plan - as the ECB's President Mario Draghi explained.