ECB hurls cash at eurozone economy

THE European Central Bank (ECB) has cut interest rates to record lows, launched a series of measures to pump money into the sluggish eurozone economy, and pledged to do more if needed to fight off the risk of Japan-like deflation.

For the first time, the ECB will charge banks for parking funds at the central bank overnight in an attempt to force them to lend to small and medium-sized businesses.