ECB cuts rates and launches asset purchases

European Central Bank

The European Central Bank (ECB) unveiled a plan to buy asset-backed securities (ABSs) and covered bonds today, as it made a 10-basis point cut to each of its key interest rates.

Mario Draghi, the ECB president, admitted there was disagreement among the members of the governing council over the measures, but said they were approved by a "comfortable" majority.

"Some of our governing council members were in favour of doing more; some were in favour of doing less. Our proposals strike the mid-road,

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