ECB Unexpectedly Cuts Rates, Euro Plummets To 14-month Low

The European Central Bank unexpectedly slashed its benchmark rates Thursday as the continent has been struggling to boost economic recovery and get out of deflationary pressures, pushing euro to a 14-month low against the dollar. The ECB cut the key refinancing rate to 0.05 to 0.15 percent, while analysts had been expecting an unchanged decision. The new rate will take effect from the operation to be settled next Wednesday, the central bank said.