IT'S A DEFLATIONARY EPOCH:

The European Central Bank cut its benchmark interest rate to a record low on Thursday and, in an unprecedented attempt to stimulate the euro zone economy, said it would begin charging interest on deposits held by the bank.

The so-called negative deposit rate has never been tried on such a large scale and is a bid to push down the value of the euro and encourage banks to invest excess cash rather than hoard it in central bank vaults. [...]

Many economists have already criticized the moves, which were widely expected, as inadequate to combat the deflation threat that Mr. Draghi has acknowledged.

Follow @brothersjudd