The European Central Bank (ECB) cut interest rates and will start buying assets, easing the flow of funding for the region’s economy while holding back for now on larger-scale action.

The ECB “will purchase a broad portfolio of simple and transparent securities,” President Mario Draghi said at a press conference in Frankfurt today. While the measures announced today will have a “sizable” impact on the balance sheet, “some of our council were in favor of doing more than presented,” he said. The euro dropped below US$1.30 for the first time since July 2013.

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