European Central Bank holds interest rates unchanged
ECB president Mario Draghi stated that the region is suffering from sluggish economic growth and added the bank will take urgently measures to raise inflation as the inflation continued to decelerate and currently sits well below the bank’s target rate of just under 2%. Inflation in the eurozone slowed to 0.3% in November and is expected to continue slowing after a slump in crude oil prices this quarter.
The Bank also released its growth estimates for the eurozone economy. The ECB lowered its growth forecasts to 0.8% in 2014 and 1.6% in 2015 and its inflation estimates to 0.5% in 2014 and 0.7% in 2015.
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