BERLIN, Oct. 8 (Xinhua) -- The European Central Bank (ECB) Wednesday cuts its key rate to 3.75 percent in a context that the financial turmoil has engulfed Europe and many countries forced to bail out banks.

The ECB cuts its benchmark lending rate by 50 points from 4.25percent to 3.75 percent, which will be effective from Oct. 15, the ECB said in a statement.

"The recent intensification of the financial crisis has augmented the downside risks to growth and thus has diminished further the upside risks to price stability," the ECB said.

It also lowered its marginal lending rate and deposit rate by half a point to 4.75 percent and 2.75 percent respectively.

Besides the ECB, the U.S. Federal Reserve cut its benchmark rate by a half point to 1.5 percent. The central banks of the U.K., Canada, Sweden and Switzerland also joint the rate cutting team.
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