The European Central Bank's Governing Council said Thursday it had decided to lower three key interest rates by a quarter point. The bank cited the "disinflation process" in making the decision.

The European Central Bank is cutting interest rates by a quarter percentage point, lowering credit costs for consumers and businesses to support an economy that is struggling to show solid growth.

The ECB cut interest rates by 25 basis points and updated the language in its decision to say monetary policy was becoming "meaningfully less restrictive."