Thursday, February 9, 2012

ECB's Draghi sees some signs of euro zone stabilisation

Tentative signs of stabilisation in the euro zone economy remained over the past month but uncertainty remains high, European Central Bank President Mario Draghi said today after the ECB held interest rates at a record low of 1.0 percent.

"Available survey indicators confirm some tentative signs of stabilisation of economic activity at low level around the turn of the year," Draghi told a news conference after the rate decision, which was in line with expectations.

Draghi said there were still substantial downside risks to the economy from the sovereign debt crisis engulfing much of the euro zone periphery.