The European Central Bank reduced its benchmark rate by a half percentage point, while the Bank of England cut rates by a startling 1.5 percentage points.

With the financial crisis engulfing developing countries, Western officials are weighing coordinated action to try to stabilize these economies.

Jean-Claude Trichet, president of the European Central Bank, has waded into the highly politicized question of recapitalizing European banks.

The Hungarian government struck a deal to borrow up to 5 billion euros ($6.7 billion) from the European Central Bank in a bid to avoid becoming a national victim of the financial crisis.

The European Central Bank was created to keep inflation in check, but has transformed itself into a crisis manager over the last month.

Britain took effective control of two big banks, and France, Germany and other countries offered financial guarantees.

Britain took effective control of two big banks, and other countries offered more than a trillion euros in loan guarantees and other support.

After a weekend of crisis talks, European nations and the United States unveiled a staggering and coordinated series of multi-billion dollar rescue packages on Monday.

After a weekend of crisis talks, European nations and the United States unveiled a staggering and coordinated series of multi-billion dollar rescue packages on Monday.

Britain and Germany committed billions to prop up banks while the Federal Reserve announced further plans to ease the crisis.