Sluggish growth outlook forces ECB to take drastic action

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The European Central Bank's Governing Council on Thursday cut its benchmark interest rate by 25 basis points to 1% and introduced measures to enhance bank lending and liquidity in the euro area money market, in a desperate effort to prevent the eurozone economy from falling into recession.

Speaking at a press conference in Frankfurt, Mario Draghi, the president of the ECB, said the outlook for the euro area economy remained subject to "high uncertainty and substantial downside risks".

He said a

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