{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='European Central Bank cuts main interest rate to zero to try to lift eurozone economy' data-url='/boclips/videos/6879007f68f2517d67876e2c' data-video-url='/boclips/videos/6879007f68f2517d67876e2c' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nEuropean Central Bank cuts main interest rate to zero to try to lift eurozone economy\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eThe European Central Bank has cut its main interest rate to try to get the eurozone economy growing and to stave off ultra-low inflation – or deflation. The benchmark rate goes to zero from 0.05 percent as the main plank of stimulus...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eThe European Central Bank has cut its main interest rate to try to get the eurozone economy growing and to stave off ultra-low inflation – or deflation.\u003cbr/\u003e\u003cbr/\u003e The benchmark rate goes to zero from 0.05 percent as the main plank of stimulus measures intended to boost lending, consumption and inflation. \u003cbr/\u003e\u003cbr/\u003e  1. The interest rate on the MRO will be decreased by 5 basis points to 0.00%, starting from the operation to be settled on 16 March 2016— ECB (@ecb) March 10, 2016\u003cbr/\u003e\u003cbr/\u003e In its latest forecast the ECB said it sees 2016 inflation at 0.1 percent. In December it had forecast 1.0 percent. It lowered the 2017 forecast to 1.3 percent from 1.6 percent.\u003cbr/\u003e\u003cbr/\u003e And ECB President Mario Draghi said it was taking these steps to stop exceptionally lower inflation from leaking into the overall economy: “It is crucial to avoid second-round effects.”\u003cbr/\u003e\u003cbr/\u003e He added: “Rates will stay low, very low, for a long period of time. We don’t anticipate that it will be necessary to reduce rates further.”\u003cbr/\u003e\u003cbr/\u003e Pay to park\u003cbr/\u003e\u003cbr/\u003e In another stimulus move, the ECB has again cut its deposit rate for banks leaving money on deposit with it.\u003cbr/\u003e\u003cbr/\u003e That was already negative meaning banks had to pay to park cash in the ECB’s vaults, now they will have to pay even more. \u003cbr/\u003e\u003cbr/\u003e The deposit rate goes down from minus 0.3 percent to minus 0.4 percent. \u003cbr/\u003e\u003cbr/\u003e The idea is that those commercial banks will lend to individuals and businesses rather than hoarding the cash. \u003cbr/\u003e\u003cbr/\u003e The ECB has also launched four new rounds of cheap loan packages, to be extended by banks to the real economy.\u003cbr/\u003e\u003cbr/\u003e More QE\u003cbr/\u003e\u003cbr/\u003e There was a boost to its quantitative easing programme – basically printing money to buy bonds and other assets which puts more cash into the economy.\u003cbr/\u003e\u003cbr/\u003e It goes up from 60 billion euros a month to 80 billion and the ECB said it would also start buying non-financial sector corporate debt.\u003cbr/\u003e\u003cbr/\u003e Draghi said those asset buys will continue until March 2017 or beyond if necessary. \u003cbr/\u003e\u003cbr/\u003e However previous purchases have achieved little as falling prices for oil and other raw materials have pulled down inflation. The ECB has spent 700 billion euros buying bonds in the one year since it announced that stimulus move. \u003cbr/\u003e\u003cbr/\u003e Share indexes rise\u003cbr/\u003e\u003cbr/\u003e The moves pleased the markets, with share prices rising across Europe. \u003cbr/\u003e\u003cbr/\u003e “The ECB has come out of the gates drumming big beats and firing on all cylinders,” said Naeem Aslam, chief market analyst at AVA Trade. “The message is as loud as it can be – we are going to combat this inflation problem head on.”\u003cbr/\u003e\u003cbr/\u003e Thursday’s policy changes caused the euro to drop more than one percent against the US dollar. It also fell by more than half a percent against the Swiss franc, yen and sterling. \u003cbr/\u003e\u003cbr/\u003e  #Euro drops like a stone as #ECB cuts all rates and expand QE to €80bn per month. pic.twitter.com/isaT3vs582— Holger Zschaepitz (@Schuldensuehner) March 10, 2016\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='resource-details-heading'\u003eResource Details\u003c/h2\u003e\n\u003cdiv class='rp-resource-details clearfix'\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eCurator Rating\u003c/dt\u003e\n\u003cdd\u003e\u003cspan class=\"star-rating\" aria-label=\"3.5 out of 5 stars\" role=\"img\"\u003e\u003ci class=\"fa-solid fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci class=\"fa-solid fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci class=\"fa-solid fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci class=\"fa-solid fa-star-half-stroke text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci class=\"fa-regular fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003c/span\u003e\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt class=\"educator-rating-title\"\u003eEducator Rating\u003c/dt\u003e\u003cdd\u003e\u003cdiv class=\"educator-rating-details\" data-path=\"/educator_ratings/rrp_data?resourceable_id=91031582\u0026amp;resourceable_type=Boclips%3A%3AVideoMetadata\"\u003e\u003cspan class=\"not-yet-rated\"\u003eNot yet Rated\u003c/span\u003e\u003c/div\u003e\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eMedia Length\u003c/dt\u003e\n\u003cdd\u003e0:45\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eGrade\u003c/dt\u003e\u003cdd title=\"Grade\"\u003e9th - Higher Ed\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eSubjects\u003c/dt\u003e\u003cdd\u003e\u003cspan\u003e\u003ca href=\"/search?grade_ids%5B%5D=259\u0026amp;grade_ids%5B%5D=255\u0026amp;grade_ids%5B%5D=256\u0026amp;grade_ids%5B%5D=257\u0026amp;grade_ids%5B%5D=258\u0026amp;search_tab_id=1\u0026amp;subject_ids%5B%5D=358379\"\u003eSocial Studies \u0026amp; 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