ECB set to flood banks with cash as deposit rate turns negative

Unanimous governing council stops short of ABS purchases or full QE


The European Central Bank (ECB) unveiled a "very significant package" of new policies to fight low inflation in the eurozone today, headlined by a string of rate cuts and a new programme to support lending to the real economy.

The ECB cut its main refinance rate to 0.15% and its deposit rate to -0.10%, making history as the first major central bank to take one of its key rates into negative territory. The National Bank of Denmark ended a similar experiment in April.

It also announced a new

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