ECB's cuts interest rate to 0.15%

The European Central Bank (ECB) has lowered its benchmark interest rate to 0.15% from 0.25% in an effort to stimulate economic growth and avoid deflation in the eurozone.

It has also reduced its deposit rate below zero, to -0.1%, which means commercial banks will have to pay to lodge their money with the central bank, rather than receive interest.

The idea is to incentivise the banks to lend to businesses, thereby stimulating growth.

President of the ECB, Mario Draghi, said the Bank's policymakers unanimously agreed to consider more unconventional measures to boost inflation if it stays too low.