European stock markets have fallen and the euro has soared following the economic stimulus measures announced by the European Central Bank. After initially rising following the broader than expected package, Frankfurt closed down 2.3 per cent, Paris ended 1.7 per cent lower and the FTSE 100 slid 1.8 per cent. The euro initially fell 1.6 per cent against the US dollar to 1.08 dollars before jumping as high as 1.12 dollars. It was one of the biggest one day swings in the currency's history. Sharp rises for European banks were also largely wiped out. The ECB cut its main interest rate from 0.05 per cent to Zero per cent and cut its bank deposit rate, from minus 0.3 per cent to minus 0.4 per cent. The bank will also expand its quantitative easing programme from 60 billion euros to 80 billion euros a month.