13:00 The ECB has released its latest monetary policy decisions from its meeting of the Governing Council today.

The European Central Bank has cut its benchmark interest rate to 0 percent, causing the euro to plummet 1.5 percent and German 2 year bonds to shoot upwards.

Andrew Sentance, a former Bank of England policymaker, tweeted:

“Monetary policy being pushed to the limits… and beyond!”

13:10 The bank also announced the decision to expand the scope of assets that it will buy through its quantative easing programme, which will now include investment-grade corporate bonds. The decision to buy government debt suggests that the ECB have upped their game after a disappointing meeting in December.

13:13 The ECB intend to raise inflation to 2 percent, which currently could take up to 15 years.

Draghi has announced the decision to cut deposit facility to -0.400 percent.

13:20 FTSE up 0.54%, CAC40 up 2.63%, IBEX up 3.29%

13:30 ECB press conference with Mario Draghi, President of the ECB, and Vítor Constâncio, Vice President – live from Frankfurt am Main, Germany

ECB conducted a “thorough review” extending into the year 2018 and aim to stimulate return of inflation to levels of or at 2 percent.

Draghi: “To ensure the continued smooth implementation of asset purchases, increased issue share limits for purchase of securities issued by organisations from 33 percent to 50 percent.”

13:40 Governing council expects key interest rates to remain at present or lower levels for an extended period of time.

Draghi: ECB will launch four new refinancing operations – offering cheap four-year loans to banks. Loans could be as cheap as the ECB’s deposit rate, which has been cut to minus 0.4% today.

“Growth dampened by volatile financial markets and the sluggish pace of implementation of structural reforms.”

13:45

“Outlook for real GDP has been revised slightly down reflecting weaker growth prospects for the global economy.”

Heightened uncertainties in the global economy and broader geo-political risks” will impact on inflation and the EU economy, continues Draghi.

Projections for European Area see inflation 1.3 percent in 2017 and 1.6 percent in 2018 – below its target of 2 percent.

Outlook for inflation has been revised down, reflecting the fall in oil prices over recent months.

Looking forward, Draghi said: “Long dynamics see path of gradual recovery observed since 2014.”

Annual growth rate of loans to households remains stable at 1.4 percent in January 2016.

13:50 Public infrastructure is vital to increase investment and job creation. Draghi recommends swift implementation of structural reforms, and says schemes should be stepped up.

“All countries should strive for a more growth-friendly composition of fiscal policies.”

– End of Mario Draghi’s statement on today’s monetary policy decisions –