The European Central Bank, Britain and Sweden all made big cuts in interest rates on Thursday to shore up economies across Europe in the face of ever-bleaker financial news.

The cuts were applauded by many analysts but market reaction indicated that even more sweeping moves may be needed to halt the decline.

Sweden lopped off a record 175 basis points to 2.0 percent and the ECB slashed 75 points to 2.50 percent, the eurozone's biggest ever cut.

The Bank of England chopped 100 basis points for an interest rate of 2.0 percent, the lowest level since 1951, as recession loomed over Britain.

France meanwhile unveiled a 26 billion euro ($32.9 billion) stimulus plan for its faltering economy as unemployment rose, the latest European country to open state coffers to fight the downturn.

With the United States, Europe and Japan now in recession and other countries sliding that way, data showed a mounting pattern of job losses and corporate woes across the globe.

The rate cuts are aimed at making credit cheaper and so boost spending, but banks will need to overcome their reluctance to lend for the measure to take hold and savers will suffer.