Thursday, August 2, 2012

After keeping interest rates on hold, ECB Draghi warns euro zone growth weak

Euro zone economic growth is weak and uncertainty about the outlook is weighing on confidence in the bloc, European Central Bank President Mario Draghi said after the ECB kept interest rates on hold.

"Economic growth in the euro area remains weak," Draghi told a news conference in his introductory statement after the ECB held its main interest rate at a record low of 0.75 percent.
He also said the euro crisis would not destroy the currency bloc. "The euro is irreversible," he said.