The ECB also eased the terms of its long-term loan facility to banks and said it would introduce a multi-tier deposit rate facility to help them.
Yet there were doubts, even within the European Central Bank itself, as to whether the latest measures - most of the few remaining tools in its monetary policy arsenal - would be enough to stoke a euro zone recovery in the face of a U.S.
The European Central Bank has announced a fresh stimulus package in an attempt to prevent the fragile eurozone economy from grinding to a halt, with an interest rate cut and plans to pump €20bn (£19bn) a month into the financial markets.
In fact, with an interest rate of -0.5%, the Euro will continue to struggle against most currencies although it is possible that perhaps some of the selling will update right around this big figure and cause a bit of a bounce.
The United States on Thursday welcomed China's renewed purchases of US farm goods while maintaining the threat of USA tariff hikes as the world's two largest economies prepared the ground for talks aimed at breaking the logjam in their trade war.
The Euro went back and forth wildly during the trading session on Thursday, as the European Central Bank announced that they were cutting rates and that of course have made a decision to buy unlimited bonds.
Thursday's decision sent the euro below 1.06 versus the US dollar, where it is on track to close at its lowest level since May 2017.
Given that markets do not expect rates to rise for almost a decade, such a formulation suggests that purchases could go on for years, possibly through most of Christine Lagarde's term leading the bank. And the Fed sits, and sits, and sits.
The main take away from today's ECB policy announcements is that QA is likely to be with us for a considerably long time considering policy is explicitly linked to the central bank's inflation target while it is up to the individual nations to offer fiscal stimulus.
The ECB's decision triggered a rally in euro zone bonds that will cut the cost of borrowing across the 19 countries that use the euro.
"We don't think that the European Central Bank has delivered enough". -China trade deal or seal a Brexit agreement.
Indeed, Draghi stepped up his rhetoric in calling for governments to spend their way out of a slowdown, singling out Germany, which is obsessed with running a balanced budget. The Federal Reserve is also expected to lower rates later this month.
"The key risk is that rate cuts could even backfire".
At first, the euro fell to its lowest level in more than a week and this didn't go unnoticed.