ECB cuts benchmark interest rate to 0.5 percent

Thursday, May 2nd, 2013 | Finance News

FRANKFURT, Germany (AP) — European Central Bank President Mario Draghi isn't ruling out more central bank action to help the lagging eurozone economy — even after the bank cut its key benchmark to a historic low.

Draghi said Thursday that the central bank for the 17 countries that use the euro would monitor all indicators and officials "stand ready to act if needed."

He did not specify what action might be taken but the remark appeared to leave open the possibility the ECB could cut rates even further.

The bank lowered its benchmark refinancing rate Thursday by a quarter-point to 0.50 percent at a meeting in Bratislava, Slovakia.