The European Central Bank on Thursday unexpectedly cut its key interest rate to a new record low, after leaving it unchanged for five successive months. The Governing Council, led by ECB President Mario Draghi, cut the main refinancing rate by 25 basis points to a record low 0.25 percent. Previously, the bank slashed the rate by a quarter-point in May, which was the first reduction in nine months. The bank also cut the marginal lending facility rate by a quarter-point to 0.75 percent. The previous change was a 50 basis points cut in May. The zero deposit rate was left unchanged. Economists had expected the ECB to leave rates unchanged in November, though there was intense market speculation for a rate cut after euro area inflation fell to a four-year low in October and unemployment held steady at a record high above 12 percent. Draghi is set to hold the post meeting press conference at 8.30 am ET in Frankfurt, where he will discuss the latest interest rate reduction.