The European Central Bank lowered interest rates for the second meeting in a row, speeding the pace of rate cuts to support an economy flashing increasing signs of weakness.

Economic growth in the 20 nations sharing the euro is slowing, and inflation has slowed to below the 2% target.

The European Central Bank cut interest rates for the third time this year on Thursday in a nod to sluggish economic growth, some softening in an otherwise rock-solid labour market and easing consumer price pressures.