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Rough Cuts

Draghi stays firm on low ECB rates

Monday, Jul 08, 2013 - 01:59

July 8 - European Central Bank President Mario Draghi said on Monday that higher interest rates are not warranted now, reiterating his statement from last week that ECB rates will stay at record lows for an extended period. (ROUGHCUT) No reporter narration)

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(ROUGH CUT - No reporter narration) European Central Bank President Mario Draghi said on Monday that higher interest rates are not warranted now, reiterating his statement from last week that ECB rates will stay at record lows for an extended period. On Saturday, two senior ECB policymakers said the bank's decision to break with tradition by giving 'forward guidance' was in line with its mandate, playing down the degree of shift in policy announced by Draghi last Thursday. In a statement to the European Parliament's Economic and Monetary Affairs committee, Draghi repeated the message he gave at his news conference after the ECB's policy meeting last Thursday. The ECB left its main interest rate at a record low of 0.5 percent last Thursday but Draghi said the 23-man Governing Council discussed a cut. He reiterated that its money policy stance will remain accommodative for as long as needed.

Draghi stays firm on low ECB rates

Monday, Jul 08, 2013 - 01:59

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