facebook
twitter
rss
account
search
search
 

ECB leaves policy intact

Feb. 7, 2013 at 11:37 AM   |   Comments

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.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
Notable deaths of 2014 [PHOTOS]

Notable deaths of 2014 [PHOTOS]

Most Popular
1
E-3 Sentry aircraft tipped for digital cockpit, avionic systems makeover E-3 Sentry aircraft tipped for digital cockpit, avionic systems makeover
2
Tony Hayward: Kurdish oil sector open for business Tony Hayward: Kurdish oil sector open for business
3
Norways Kongsberg to demo missile for U.S. Navy Norways Kongsberg to demo missile for U.S. Navy
4
Saab producing vehicle protection system for unidentified customer Saab producing vehicle protection system for unidentified customer
5
Purpose-built engine for ScanEagle UAV delivered to Insitu Inc. Purpose-built engine for ScanEagle UAV delivered to Insitu Inc.
Trending News
Video
x
Feedback