Draghi: economic outlook weak, not improving
FRANKFURT (Reuters) - The European Central Bank expects the euro zone economy to remain poor, ECB President Mario Draghi said after the bank left interest rates unchanged on Thursday.
"Economic activity in the euro area is expected to remain weak," Draghi told his regular monthly news conference after the ECB held its main interest rate at 0.75 percent.
He noted that recent economic surveys did not signal any improvement heading to the end of the year.
Highlighting weakness in the economy, German business confidence fell last month to its lowest since February 2010 and euro zone manufacturing shrank for the 15th month running
Draghi reiterated the ECB's view that inflation, which eased to an estimated 2.5 percent in October, would fall below 2 percent next year. The central bank targets inflation of close to but below 2 percent.
(Writing by Paul Carrel. Editing by Jeremy Gaunt.)
- Tweet this
- Share this
- Digg this
- Nine reasons why India's WTO veto shocked the world
- India says WTO deal not dead, can sign in Sept if concerns addressed
- UPDATE 3-Ugandan court overturns anti-gay law that halted Western aid
- UPDATE 4-African leaders agree steps to fight runaway Ebola outbreak
- Gaza truce over, Israel soldier captured, 70 dead in Rafah shelling
Prime Minister Narendra Modi came to office with a reputation as a business-friendly leader ready to open up one of the world's biggest markets and sweep away the remnants of the country's socialist past. Full Article