The ECB, led by President Christine Lagarde, has cut the deposit rate from 3.25% to 3.00%, widening the interest rate differential with Switzerland to 2.5 percentage points after the SNB's 50 basis point reduction. The euro gained against the franc, reflecting market reactions to these changes. Economic growth forecasts have been lowered, with the ECB now expecting only 0.7% growth for the current year, down from 0.9%.