European Central Bank keeps interest rates at record low
The ECB also revised their inflation and economic growth forecasts. Inflation in the eurozone will increase to 0.3% this year from 0% while the bank kept its forecast unchanged for 2016 and 2017. According to the ECB, the eurozone will grow 1.5% this year and 1.9% in 2016, while for 2017, the region’s economic growth is expected to expand by 2%, down 0.1% from its previous estimate.
Following the rate announcement, ECB president Mario Draghi stated that ECB’s quantitative easing program, which involves buying €60 billion of bonds each month, will not end prematurely and added that further structural reforms would be necessary for companies and households to fully benefit from the ECB’s accommodative monetary policy.
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