As the euro area suffers from low inflation, the currency bloc’s central bank has elected to make cuts to interest rates. The European Central Bank (ECB) has cut its headline rate to 0.05pc, while taking it deposit rate to -0.2pc. Annual eurozone inflation stood at just 0.3pc in August, well below the ECB’s target of just below 2pc. The majority of economists polled by Bloomberg – 51 out of 57 – expected the ECB’s governing council to maintain its key rate at 0.15pc and its deposit rate at -0.1pc.