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03.07.2014 14:45

European Central Bank President Mario Draghi: the ECB will keep interest rate at the present levels for an extended period of time

The European Central Bank President Mario Draghi said at the press conference today:

  • The ECB will keep interest rate at the present levels for an extended period of time;
  • "The Governing Council is unanimous in its commitment to also using unconventional instruments" if required, to address risks of a longer period of low inflation;
  • Geopolitical risks, developments in emerging market economies and global financial markets may have the potential to affect economy in the Eurozone negatively;
  • The exchange rate of the euro is not a policy target;
  • If banks don't lend after receiving loans from the European Central Bank, they will have to pay the money back;
  • The frequency of ECB's monetary policy meetings will change to a six-week cycle from January 2015;
  • The ECB will start publishing meeting minutes from January 2015;
  • There are further downside risk relates to insufficient structural reforms in euro area countries;
  • The economic outlook for the Eurozone remain on the downside;
  • The economy in the Eurozone recovered moderately in the second quarter;
  • The ECB is interested in asset-backed securities.

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