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ECB Draghi promises to keep rates low for extended period

July 5, 2013

"Our monetary policy stance will remain accommodative for as long as necessary,” European Central Bank head Mario Draghi commented at a press conference following the monetary policy decision. Meanwhile, the ECB kept its benchmark rate unchanged at record low 0.5%, as expected.

ECB President Draghi made clear that, “the Governing Council expects key interest rates to remain at present or lower levels for an extended period of time,”as the central bank tries to restrain market borrowing costs and help the euro-area economy. “The risks for the euro area continue to be on the downside. On the inflation outlook, the central bank head said that risks remain “broadly balanced.”