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ECB’s Draghi Leaves Rate-Cut Door Ajar

European Central Bank cuts forecasts for 2013 growth, inflation.

By Matthew Brockett, Bloomberg | Updated on December 06, 2012

The European Central Bank cut its economic and inflation forecasts and President Mario Draghi said weakness will persist into next year, leaving the door ajar for further interest-rate cuts.

“Weak activity is expected to extend into next year,” Draghi said today at a press conference in Frankfurt after policy makers left the benchmark rate at a record low of 0.75 percent. “Later in 2013, economic activity should gradually recover as global demand strengthens and our accommodative monetary-policy stance and significantly improved financial market confidence work their way through to the economy.”

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