Key quotes from ECB head Draghi's press briefing

Published on NewsOK Modified: June 6, 2013 at 10:49 am •  Published: June 6, 2013
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FRANKFURT, Germany (AP) — At his monthly news conference following the European Central Bank's policy-setting meeting, President Mario Draghi on Thursday answered questions from reporters.

Here are some highlights of the things he said:

— INTEREST RATES

The ECB's governing council kept its key refinancing rate at the record low of 0.5 percent. Draghi said some of the economic indicators had improved and others had worsened.

"By and large the governing council agreed that there wasn't any directional change that would justify taking action at this point in time."

Looking ahead: "Our monetary policy stance will remain accommodative for as long as necessary."

— ECONOMIC GROWTH

The ECB lowered its forecast for economic growth in the 17-country eurozone this year but increased it for next year.

"Euro area economic activity should stabilize and recover in the course of the year, albeit at a subdued pace."

— INFLATION

Inflation in the eurozone is at 1.4 percent, below the ECB's target of close to, but below 2 percent. Draghi suggested it will remain tame.

"The underlying price pressure over the medium term is expected to remain subdued, reflecting low capacity utilization and a modest pace of economic recovery."

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