ECB President Mario Draghi has previously signaled that the ECB could expand its quantitative-easing program to bolster growth and bring inflation back up, stating that the return of inflation to target is more important than the impact of ultra-low rates.

The ECB said it would lower deposit rates to minus 0.4% from minus 0.3% and reduced its main refinancing rate to zero from 0.05%. Moreover, the central bank said it would include investment-grade corporate bonds in its bond-buying program, along with increasing the overall pace of the quantitative easing to €80 billion, or $88.6 billion, a month from €60 billion.

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