ECB leaves policy intact

Feb. 7, 2013 at 11:37 AM

FRANKFURT, Germany, Feb. 7 (UPI) -- The European Central Bank on Thursday left its monetary policy intact, keeping its key interest rates unchanged while economic expansion remained "subdued."

"The underlying pace of monetary expansion continues to be subdued," said ECB President Mario Draghi at a press conference in Frankfurt, Germany.

Draghi said sovereign debt remains high on the continent and inflation was holding "close to 2 percent."

"Economic weakness in the euro area is expected to prevail in the early part of 2013. In particular, necessary balance sheet adjustments in the public and private sectors will continue to weigh on economic activity," he said.

Draghi acknowledged the need for fiscal discipline. "It is essential for governments to reduce further both fiscal and structural imbalances and to proceed with financial sector restructuring," he said.

Related UPI Stories
Latest Headlines
Trending Stories
Multiple attacks prompt Jerusalem violence; gun restrictions could ease
Genetic changes could make pig organs usable for human transplant
Five Democratic presidential candidates meet in Las Vegas for first debate
Confederate flag group charged with terrorist threats
Report: MH17 downed by Russian-made missile