European Central Bank President Mario Draghi opened a new frontin the battle against the debt crisis after cutting the benchmarkinterest rate to a record low today.

Speaking in Bratislava, Draghi signalled that officials may takethe unprecedented step of charging banks to park excess cash withthe ECB overnight and that another reduction in the main rate ispossible.

“We will look at all the incoming data and stand ready to act ifneeded,” Draghi said at a press conference in the Slovakian capitalafter the ECB cut its key rate by a quarter point to 0.5 percent.Asked if further action could include taking the deposit ratenegative from its current level of zero, he said: “We will look atthis with an open mind.”

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