ECB interest rates have been cut to the limit

Eurozone borrowing costs are unlikely to go much lower following the interest rate cut by the European Central Bank, bank president Mario Draghi said on Thursday.

After the ECB's governing council voted to trim its central refi refinancing rate to 0.15 percent, its lowest-ever level, Draghi said that rates "will remain at present levels for an extended period of time in view of the current outlook for inflation." He added: "For all the practical purposes we have reached the lower bound."