The European Central Bank has cut its main interest rate from 0.05% to 0% - the first cut since September 2014 - in an effort to boost sagging euro zone economy.
The first cut in over 18 months will see those on tracker mortgages benefit from reduced payments on their monthly bills.
The bank has also cut its deposit rate deeper into negative territory, cutting it to -0.4% from -0.3%.
The ECB also said that it would increase its bond buying programme from €60 billion a month to €80 billion a month.
The bank also said it would launch a new series of four targeted longer-term refinancing operations (TLTRO), each with a maturity of four years
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ECB President Mario Draghi will hold a press conference later this afternoon.
