The European Central Bank cut interest rates a quarter point and said it would buy euro-denominated bonds as well as offer longer-term credit to banks as it moves to get more money flowing through the 16-nation euro zone economy.
ECB President Jean-Claude Trichet, in remarks to reporters after the bank lowered its benchmark interest rate to 1 percent on Thursday, unveiled the new measures to accompany already announced ones such as increased amounts of bank credits and broader collateral rules for banks that tap them.
Trichet said the central bank plans to purchase around euro60 billion ($80.2 billion) in euro-denominated covered bonds, which would grease …
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