ECB: Where is the news? (so far)

Has the ECB lowered interest rates at historical low?

Not exactly. The rate goal of the ECB is the interbank rate (called EONIA). This has always been below 0,10% in 2013.  The problem was that as banks began early repaying their LTROs, EONIA went above 0,10% in 2014. Thus, today’s move is simply an attempt to pull EONIA down to below 0,10% and stabilize it there, if possible.

Is the negative rate on the Deposit Facility big news?

Given that the ECB will apply, as of June 11, a negative rate on ALL excess reserves (Deposit facility AND Reserve account), and given that the ECB is expanding excess reserves by ending SMP sterilization, my early considerations on the effects of negative rates apply.