Europe Cuts Interest Rate To 1 Percent

The European Central Bank has cut its main interest rate by a quarter point to 1 percent and is likely to unveil more measures aimed at boosting the economy of the 16-nation euro zone.

The downward move was the fourth such decision this year by the Frankfurt-based bank that sets monetary policy for countries that share the euro currency.

Markets are looking to Thursday's press conference with ECB President Jean-Claude Trichet for information about measures to get more money flowing through the economy.