Draghi says uncertainty hurts Europe
(08-02 20:40)
Euro zone economic growth is weak and uncertainty about the outlook is weighing on confidence in the bloc, European Central Bank President Mario Draghi said today after the ECB kept interest rates on hold. “Economic growth in the euro area remains weak,'' Draghi told a news conference in Frankfurt his introductory statement after the ECB held its main interest rate at a record low of 0.75 percent.
He also said the euro crisis would not destroy the currency bloc. “The euro is irreversible,'' he said.
He also said inflation should decline further and be below 2 percent again in 2013. “Consistent with this picture, the underlying pace of monetary expansion remains subdued. Inflation expectations for the euro zone continue to be firmly anchored. At the same time, economic growth in the euro area remains weak.''
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