The European Central Bank's Governing Council said Thursday it had decided to lower three key interest rates by a quarter point. The bank cited the "disinflation process" in making the decision.

The central bank for the 20 countries that use the euro has pivoted from hiking rates to tackle inflation, which surged with Russia’s invasion of Ukraine, to lowering them to boost the eurozone’s flou

The European Central Bank is cutting interest rates by a quarter percentage point, lowering credit costs for consumers and businesses to support an economy that is struggling to show solid growth.