ECB promises stimulus buys 'as long as necessary'

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The European Central Bank promised an indefinite supply of fresh asset purchases and cut interest rates deeper into negative territory on Thursday ...

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FRANKFURT: The European Central Bank promised an indefinite supply of fresh asset purchases and cut interest rates deeper into negative territory on Thursday in an effort to prop up the ailing euro zone economy that was cheered by financial markets.

"The Governing Council expects to run for as long as necessary to reinforce the accommodative impact of its policy rates, and to end shortly before it starts raising the key ECB interest rates," it said. The ECB also eased the terms of its long-term loan facility to banks and said it would introduce a multi-tier deposit rate facility to help them.

"Will the more aggressive ECB stance make a difference? Not much," concluded analyst Holger Schmieding at Berenberg. The decision suggests that many of these skeptics eventually agreed, giving Draghi a comfortable enough majority in what is likely to be his last major policy move before handing over to Christine Lagarde later this year.

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