Euro Crisis Far From Over $EUR/USD
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European Central Bank president Mario Draghi acknowledged today that the euro zone crisis is not over and that the economic recovery is weak and fragile.
He made the observations in comments at a press conference in Frankfurt, Germany, following a meeting of the ECB.
Earlier, the ECB decided to maintain its key interest rate at a record low 0.25 percent.
“The risks surrounding the economic outlook for the euro area continue to be on the downside. Developments in global money and financial market conditions and related uncertainties may have the potential to negatively affect economic conditions,’’ Draghi said in his statement.
He also added that the ECB expects that key interest rates “will remain at present or lower levels for an extended period of time.’’
“We may experience a prolonged period of low inflation to be followed by a gradual upward movement towards inflation rates below but close to 2 percent later on,” he said in a statement.
The monetary policy makers are meeting in Frankfurt, Germany.
The central bank also held its other two key rates — the marginal lending rate and the deposit rate — unchanged at 0.75 percent and zero percent respectively.
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