ECB President Mario Draghi last week became the first major central banker to cut a key interest rate below zero. He announced a cut in the main refinancing rate from .25% to .15% and from zero to -.1% in the deposit rate that is offered to banks. In addition he also confirmed that the ECB is willing to take further action to help stimulate the Euro zone economy. He confirmed that the ECB had begun preparatory work related to outright asset purchases. These actions all come against a backdrop of cuts in the official estimates for inflation. The ECB has revised down its forecasts for inflation to .7% for 2014 and to 1.1% for 2015