ECB ramps up stimulus in coronavirus fight but stops short of rate cut

The European Central Bank approved fresh stimulus measures and temporarily dropped banks' capital requirements on Thursday to help the euro zone cope with the shock of the coronavirus pandemic but kept interest rates on hold, disappointing markets.

With millions of people in lockdown, financial markets in freefall and companies struggling with disrupted supply chains, the ECB said it would give businesses more ultra-cheap loans, raise asset purchases and provide banks with capital relief.

"The spread of the coronavirus has been a major shock to the growth prospects of the global economy and the euro area economy, and it