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

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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