– Says Previous Rate Cut Anticipated Weakening Of Economy

FRANKFURT (MNI) – The European Central Bank’s Governing Council
decided Thursday there was no need to change policy rates at the moment,
ECB President Mario Draghi said.

“We discussed rates,” Draghi told journalists after the Council
meeting. “But I will say the decision was that it was not the right

“The reason is the last time we made a decision on rates, we had
anticipated the weakening of the business cycle,” he explained. “The
decision last time already anticipated the weakening.”

During a press conference dominated by the bank’s new bond-buying
programme, Draghi said that there had been no discussion of providing a
new long-term refinancing operation.

-London Bureau; Tel: +442078627492; email: ukeditorial@marketnews.com

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