ECB delivers on rate cut expectation.

As expected by most (if not all) analysts, the ECB cut its benchmark rate by 25 basis points Thursday, as rising eurozone unemployment and low inflation provided the perfect backdrop for further monetary easing. Despite the move, some were quick to point out the comparatively feeble character of the ECB's policy response record: They are "still lagging far behind other central banks in [their] support for the economy," Mario Draghi also suggested he was open to taking the deposit rate into negative territory and encouraged governments to stay the course in terms of fiscal consolidation.