The European Central Bank announced that its Governing Council cut interest rates 25 basis points at its latest monetary policy meeting Thursday.

The minimum bid rate on variable-rate refinancing operations was dropped to 1.25% from 1.50%, the marginal lending rate was cut to 2.00% from 2.25%, and the deposit rate, the floor for euro money market rates, was slashed to 0.50% from 0.75%.

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