European Central Bank chief Mario Draghi is confident that stimulus steps announced in June, helped by a weaker euro, will boost demand in the ailing euro zone economy, but stressed on Friday that the central bank stands ready to do more.
Speaking at the annual Jackson Hole conference of central banks, Draghi said recent growth data confirmed the currency bloc’s recovery remained “uniformly weak” and promised to keep the policy stance accommodative for an extended period of time.
After his speech, the euro strengthened against the dollar. The ECB cut interest rates to record lows in June and launched a series of measures to pump money into the sluggish euro zone economy, where inflation has been in what Draghi has called “the danger zone” of below 1 percent for 10 months.
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