The European Central Bank lowered interest rates for the third consecutive time at its policy meeting on Thursday and hinted at further rate cuts next year as inflation approaches 2% and the economy struggles. The deposit rate was decreased by 25 basis points to 3%, in line with the expectations of all but one of the analysts surveyed by Bloomberg. This brings the total easing since June to 100 basis points. In its statement, the European Central Bank dropped the wording that the policy would "remain sufficiently restrictive for as long as necessary," indicating a shift in its stance. "The Governing Council is determined to ensure that inflation is sustainably stabilized at the medium-term target of 2%." the European Central Bank stated on Thursday. "The central bank will adopt a data-dependent, meeting-by-meeting approach to determine the appropriate monetary policy stance."