ECB makes triple rate cut
The ECB cut three major interest rates, with the rate for its main refinancing operations decreasing to 0.05 percent. It also cut the rates on its marginal lending and deposit facilities to 0.30 percent and -0.20 percent respectively.
Draghi also announced the ECB would purchase asset-backed securities (ABS) and covered bonds to boost growth and inflation.
"This is quite complex package of measures," he told assembled journalists. "The purpose is very different from previous programs... the aim is to increase the measures that produce credit easing… and also to significantly stir the size of our balance sheet towards the dimensions it used to have at the beginning of 2012."
Banking stocks were major gainers on the news, closing up around 2.2 percent. The euro fell to a 13-month low against the dollar and U.S. stocks were also boosted, with the Dow and S&P 500 at new session highs.
Meanwhile, the Bank of England left interest rates and its asset purchase target unchanged on Thursday, as expected, despite growing calls by some Bank members for a change in policy.