The European Central Bank left its benchmark interest rate unchanged at 1 percent as it waits to see whether a massive infusion of credit into the banking system will help the euro zone’s struggling economy.

LONDON (AP)—The European Central Bank and the Bank of England are joining the U.S. Federal Reserve and other central banks in slashing interest rates to shore up confidence in markets shaken by the world financial crisis. The Bank of England cut its base lending rate by half a point to 4.5 percent, while the ECB cut to 3.75 percent. Other central banks also taking part include the banks of Canada, Sweden, and Switzerland.