The ECB declared a deposit rate cut of 10 base points to  -0.3% and kept all other rates unchanged. The Bank extended its asset purchase program for further 6 month and decided to reinvest the principal payments on the securities purchased under the program.

Analysts support the central bank's decision because weakening currency too much will have a negative impact on the economy.

"Today's deposit rate cut looks to have been the "final one" under the conventional policy pillar. We expect policy rates to remain at their current levels in the foreseeable future", says Rabobanks in a research note on Thursday.