(ECB update) Draghi predicts gradual recovery in euro zone
(03-07 21:52)
European Central Bank head Mario Draghi says the euro zone economy is stabilizing and that a “gradual recovery’’ should start in the second half of the year.
Draghi spoke after the bank held off on further stimulus to the lagging euro zone economy. It left its benchmark interest rate unchanged Thursday at 0.75 percent, AP reports.
Draghi said the ECB was cutting its forecast for growth this year to minus 0.5 percent from minus 0.3 percent. That is because of a carryover from an unexpectedly large drop in the last quarter of 2012.
He added that “the projected path of the recovery remains unchanged’’ despite the changed projection.
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