The European Central Bank could cut interest rates further and resort to alternative measures to fight the economic crisis after trimming the benchmark rate to its lowest point since World War II, its President Jean-Claude Trichet said Thursday. Although the quarter point cut to 1.25 percent on Thursday was smaller than most analysts had predicted, Trichet said he did not exclude that “in a very measured way, that we could go down from the present rate.” He said the world and the euro zone - which, with 330 million citizens, accounts for over 15 percent of the global economy - are in the midst of a severe economic downturn. “Both global and euro area demand are likely to remain very weak over 2009 before gradually recovering in the course of 2010,” Trichet said. He also said the central bank for the 16 nations that use the euro would provide details about plans for more “nonstandard measures” aimed to get banks to lend to each other. These could include the purchase of assets from banks to boost the amount of money in the economy, which both the Federal Reserve and Bank of England are doing. “We have (already) taken a number of decisions that are nonstandard,” such as the bank's unlimited liquidity provision at fixed rates and its expansion of the collateral it accepts on financing, Trichet said. Any decisions on other alternative measures would be discussed at the next meeting, he said. “I know that I will have 100 questions: will it be this or this or that?” Trichet said. “Last time I told you ‘If and when.' Now I can tell you when: When is next time. No details. Details next time. Full details next time.” Analysts said that the ECB's decision left markets disappointed, but that Trichet set the stage for what Marco Annunziata, chief economist of UniCredit Group, called a “big bang” in May. “I now expect a big bang move at the May meeting, with another - final - 25 basis point cut in the refi rate, a lengthening of liquidity operations to 12 months, and the launch of outright purchases of private sector assets, likely including financials and corporate bonds and commercial paper, but not sovereign bonds,” he said in a research note. Other observers were cheered by the ECB's move.