The European Central Bank (ECB) cut the key interest rate 0.5%, down to an unprecedented 1.5%, this being the seventh decrease in a row after October 2008, AFP informs. The measure comes as an attempt to counterbalance the Euro zone recession.

ECB president Jean-Claude Triche declared on Thursday that his institution may further decrease the interest rate, but excluded to possibility to cut it down to 0%.

At the same time, ECB revised its economic growth estimations, now saying that a 2.7% contraction is expectable, after the last estimates indicated a 0.5% decrease.

The Federal Reserve, the England Central Bank and the Japanese Central Bank lowered their key interest rates close to 0%, adopting at the same time economy stimulation measures.