Highlights from Press Conference with ECB's Mario Draghi Following Rate Cuts
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Below are some highlights from the press conference given by ECB President Mario Draghi following the Bank's interest rate reductions:
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- the underlying pace of the monetary expansion remains subdued
- downside risk to the growth outlook has materialized
- Euroarea growth remains weak
- heightened uncertainty is weighing on confidence and sentiment
- still expecting inflation to be below 2 percent in 2013
- Ireland has made extraordinary efforts and is on track
- the current crisis is definitely not worse than 2007/2008
- expectation of a recovery is based on an improvement in general sentiment and stabilizing global and external demand
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