“The European Central Bank surprised financial markets with a cut in interest rates and new stimulus plans, despite opposition from Germany’s powerful central bank which could raise doubts among the German public about the ECB’s easy-money policies—a sensitive issue in a country that carries the memories of hyperinflation of the 1920s. The ECB lowered its main lending rate by 0.10 percentage point to 0.05%. It cut a separate rate on bank deposits deeper into negative territory, to -0.2% from -0.1%. The central bank also announced it will purchase covered bank bonds and bundled loans known as asset-backed securities and said further details will be released in October.”
http://online.wsj.com/articles/ecb-cuts-interest-rates-in-surprise-move-1409832304
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