At the European Central Bank's monthly meeting, President Mario Draghi confirmed widely held market expectations.<br/> (SOUNDBITE)(English) ECB PRESIDENT MARIO DRAGHI SAYING:<br/> "The governing council decided to lower the key ECB interest rates by 25 basis points."<br/> The decision, which wasn't unanimous, puts interest rates at a record low of 1 per cent, as the region teeters on the brink of recession.<br/> (SOUNDBITE)(English) ECB PRESIDENT MARIO DRAGHI SAYING:<br/> "The intensified financial market tensions are continuing to dampen economic activity in the euro area and the outlook remains subject to high uncertainty and substantial downside risks."<br/> Draghi said the ECB would offer further liquidity measures to help ease the region's debt crisis.<br/> Including offering banks unlimited three year funding, and easing collateral and reserve requirements.<br/> The announcement came just hours before a crucial EU summit, where pressure is on European leaders to come up with a bold plan to end the region's debt crisis.<br/> (SOUNDBITE)(English) ECB PRESIDENT MARIO DRAGHI SAYING:<br/> "If the leaders make substantial progress, I think we will see confidence returning. And so what looks like a spiral of self fulfilling negative confidence, will stop."<br/> World stocks and the euro gained slightly on the rate announcement.<br/> Kirsty Basset, Reuters.
