European Central Bank ramps up stimulus but stops short of rate cut

Frankfurt

THE European Central Bank approved fresh stimulus measures and temporarily dropped banks' capital requirements on Thursday to help the eurozone cope with the shock of the novel coronavirus pandemic but kept interest rates on hold, disappointing markets.

With millions of people in lockdown, financial markets in free fall and companies struggling with disrupted supply chains, the ECB said it would give businesses more ultra-cheap loans, raise asset purchases and provide banks with capital relief.