The central bank's decision comes at a critical time for the euro zone economy as businesses and policy makers face increasing uncertainty in the wake of rising geopolitical tensions. The ECB also released its latest economic projections,

It was the eighth rate cut in the past year, extending the bank’s divergence from the Federal Reserve, which has held rates steady since the end of last year.

The European Central Bank on Thursday offered no surprises as it cut interest rates for the eighth time in a year — further widening the differential between official U.S. and eurozone policy rates, a gulf that has prompted President Donald Trump to lash out repeatedly at Federal Reserve Chair Jerome Powell.