The European Central Bank is set to increase efforts to shore up the slumping eurozone economy this week, cutting interest rates to a record low of 1% and embarking on further radical and aggressive measures.

A further quarter-point cut in official eurozone interest rates to 1% — a level not reached since the euro's creation — is seen by economists as all but certain when the ECB's Governing Council meets on Thursday.

But markets are on alert for the ECB to go beyond this and order a series of unconventional measures as it steps up its campaign to breathe life into the moribund eurozone economy.

The Times