The European Central Bank (ECB) has left euro zone interest rate unchanged at the record low of 0.05 percent. The Central Bank is also ironing out the fine details of its €1.1tn quantitative easing programme (QE) as it meets in Cyprus today.

The ECB introduced the interest rate in September and it is expected to remain unchanged as the bank roles out its stimulus package. This main refinancing rate determines the cost of credit in the euro zone.

The rate on bank overnight deposits remains at -0.2 percent - and the marginal lending facility rate for banks is held at 0.30 percent.

Mario Draghi's post-meeting press conference will begin at 13:30 GMT.

Ireland is set to be one of the main beneficiaries of the QE programme. Irish borrowing costs are already down - but they are expected to fall as low as the rates paid by countries like France and Belgium.

Greece’s debt is the other main issue on the table today.