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ECB president expects gradual recovery in eurozone
By Hu Xiaocen |
June 3, 2013, Monday
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Online Edition
Online Edition
THE eurozone is expected to recover on loose monetary policy and foreign demand later this year, European Central Bank President Mario Draghi said in Shanghai today.
"The economic situation in the euro area remains challenging but there are a few signs of a possible stabilization," said Draghi at the annual International Monetary Conference. "Our baseline scenario continues to be one of a very gradual recovery starting in the latter part of this year."
The ECB lowered its benchmark interest rate to a record low of 0.5 percent in May, and signaled it might cut again if economic conditions worsen.
However a rebound in inflation of 1.4 percent last month from 1.2 percent in April may tie ECB's hands. Draghi reiterated the importance of medium-term price stability for the eurozone at the meeting, adding inflation expectations have been at 1.9 percent on average over the past 13 years.
"The drivers of such a gradual recovery are the highly accommodative monetary policy and export growth caused by growing foreign demand," he said.
"The economic situation in the euro area remains challenging but there are a few signs of a possible stabilization," said Draghi at the annual International Monetary Conference. "Our baseline scenario continues to be one of a very gradual recovery starting in the latter part of this year."
The ECB lowered its benchmark interest rate to a record low of 0.5 percent in May, and signaled it might cut again if economic conditions worsen.
However a rebound in inflation of 1.4 percent last month from 1.2 percent in April may tie ECB's hands. Draghi reiterated the importance of medium-term price stability for the eurozone at the meeting, adding inflation expectations have been at 1.9 percent on average over the past 13 years.
"The drivers of such a gradual recovery are the highly accommodative monetary policy and export growth caused by growing foreign demand," he said.
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