The European Central Bank lowered its deposit rate to -0.10% as the continent battles deflation after many failed monetary policy attempts. The bank said more extraordinary tools can can be used to prevent the derailment of economic recovery.

The European Central Bank (ECB) cut its main refinancing rate to 0.15 percent from 0.25 percent, and the deposit rate from zero to -.10 percent, the first time the ECB has seen a negative rate and the first time a major central bank has crossed the zero threshold.

Exhausting other monetary tools, bringing the interest rate closer to zero is a last-chance shot at saving Europe from deflation.

Draghi, who has said he will “do whatever it takes” to protect the EU from economic collapse and save the euro currency, hinted this may be the first of many monetary shake ups at the bank.
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