European Central Bank keeps rates unchanged, raises growth forecasts
ECB president Mario Draghi reportedly commented that more time is needed to gauge the affects of previously announced stimulus measures. He also added that they expect that the recovery in the eurozone economy will continue in the upcoming quarter despite weaker export demand, although it will be at a slower pace than in the first quarter.
Meanwhile, ECB economists raised their forecast for 2016 inflation to 0.2% from 0.1% in March while maintaining their expectations for the next year and 2018 unchanged at 1.3% and 1.6%respectively- which is still below the bank’s inflation target of 2%. The ECB also revised their growth forecast for the eurozone economy upward for 2016 to 1.6% from 1.4% and it maintained its growth forecast at 1.7% for 2017.
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