FRANKFURT, Germany—The European Central Bank is stepping up its efforts to cushion the economy against a record downturn that the bank’s president, Christine Lagarde, said was “of a magnitude and speed that are unprecedented in peacetime.”
The monetary authority for the 19 countries that use the euro currency on April 30 lowered the interest rate on the cheap, long term loans it provides to banks. It also offered a raft of new credit lines to banks at a quarter of a percentage point below its main interest benchmark, which is zero.
