- Mario Draghi
The European Central Bank signalled that an interest-rate cut was rising up the bank's agenda on Thursday, if the economy deteriorates further, while officials are considering additional measures to boost growth in the region, as the debt crisis enters its fourth year. During the policy meeting, the ECB left its main refinancing rate a record low of 0.75% for the ninth straight month. The constantly rising unemployment and further deteriorating consumer confidence are both adding more pressure on Mario Draghi to take any other new measures, such as relaxing its credit rules to stimulate lending to small and medium-size businesses.
"Our monetary policy stance will remain accommodative for as long as needed," Draghi said at a press conference in Frankfurt today after the ECB kept its benchmark interest rate at a record low of 0.75 per cent. "We will assess all the incoming data in the coming weeks and we stand ready to act."
"There is no better way to prevent these crises than by shedding light on national banking systems via the sort of international oversight that would be in place," with a single supervisory mechanism, Mr. Draghi said. "Any delay on this front is extremely disappointing."
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