Draghi’s Giant Leap on Rates May Be Small Step for Euro

European Central Bank President Mario Draghi may take a giant leap in monetary policy tomorrow for limited economic gain.

ECB officials meeting in Frankfurt will not only take the benchmark interest rate below 1 percent for the first time to a record low of 0.75 percent, they will also cut the deposit rate to zero, according to Bloomberg News surveys of economists. The easing will do little to aid an economy sliding into recession and may fuel speculation about what the ECB can do after its conventional policy options are spent, some economists said.