The European Central Bank (ECB) released its interest rate decision. The ECB lowered its interest to 0.05% from 0.15%. Analysts had not expected this decision.

The central bank also cut its deposit facility rate to -0.20% from -0.10% and its marginal lending rate to 0.30% from 0.40%.

The ECB President Mario Draghi said the central bank will start buying asset-backed securities, including covered bonds. Details of the asset-backed securities (ABS) program will be announced later.

The central bank lowered its growth forecast for 2014 to 0.9% down from 1.0%, while the forecast for 2015 was lowered to 1.6% from 1.7%.

The ECB cut its inflation forecast for this year to 0.6% from 0.7%. The 2015 inflation forecast remained unchanged at 1.1%.