. >> mario drage surprised the markets in two ways today. he announced the ecb had cut three interest rates more than the market had expected. second he also announced that beginning in october the european central bank will start buying in large quantities things like acid-backed securities what's known as abs or covered bonds which are similar to mortgage-backed securities in the united states. these are financial products that contain things like auto loans and mortgages. right now european banks aren't making those kind of loans. but mario drage hopes that if the banks know there is a buyer who's willing to buy those in size massive quantities they'll start making those loans again and hence help reinvigorate the european economy. back to you. >> michelle reporting from milan. >>> to sima live, she's look at what europe's big stimulus plans the u.s. companies are doing business in europe. welcome, sima. >> thank you, tyler. that's right. global markets may be cheering the ecb's decision to cut rates, but the stark reality facing europe i