Highlights from Press Conference with ECB's Mario Draghi Following Rate Cuts

July 5, 2012 9:11 AM EDT
Below are some highlights from the press conference given by ECB President Mario Draghi following the Bank's interest rate reductions:
  • 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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