ECB Drops Rates to Record Low

The European Central Bank cut its interest rates on Thursday in an effort to stop the euro from deteriorating any further, while China cut its bank lending rates and the Bank of England pumped billions of pounds into a stimulus program. The European Central Bank’s benchmark interest rate has dropped from 1 percent to 0.75 percent—its lowest level ever. Although Britain's announcement came as the same day as Europe's, ECB President Mario Draghi said the moves were not coordinated. As for China, analysts said the move likely reflects uncertainty about the second-quarter growth.