ECB to cut interest rates

The European Central Bank is expected to cut interest rates today.

ECB President, Mario Draghi is also expected to announce an increase in the amount of money being pumped into the financial system through its quantitative easing bond-buying programme.

It is expected the ECB will cut its deposit rate by 10 basis points to minus 0.4%.

This is being done in an attempt to lift low inflation and boost economic growth.

The ECBs governing council meets in Frankfurt today.