The European Central Bank decided on Wednesday to cut its key rate to 3.75%, AFP reports. In the US, Fed also cut its discount rate by half a point to 1.75% and the federal funds lending rate by half a point to 1.5%. Similar measures were taken by the Bank of England and central banks in Switzerland, Canada and Sweden. The Romanian Ron improved its position against the euro as a result of the moves, The Money Channel financial news TV reports.

The ECB decided to cut its key rate from 4.25% to 3.75% to deal with the financial crisis.

The Bank of England cut its rate to 4.5%.

And the Bank of Japan announced its support to monetary policy actions but said it would not cut its key rate which already stands at 0.50%.