European Central Bank: states must do more to help economy

  • 2/5/2023
  • 15:57
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FRANKFURT, Dhu-AlHijjah 06, 1437, September 08, 2016, SPA -- The European Central Bank left its stimulus measures on hold Thursday and warned governments that they need to do more to help the eurozone economy grow and push inflation up to healthier levels, AP reported. The bank kept its key interest rates on hold and decided against extending the duration of its existing bond-buying stimulus program as it monitors the impact it is having on the economy. President Mario Draghi told a news conference that governments' implementation of "structural reforms needs to be substantially stepped up to reduce structural unemployment and boost potential output growth." He added that countries that eurozone governments that have the capacity to spend more should do so. The central bank faces stubbornly low annual inflation of only 0.2 percent despite pumping 1 trillion euros ($1.1 trillion) in newly printed money into the banking system through bond purchases since March, 2015. The purchases, made at a rate of 80 billion euros a month, are set to continue at least through March, 2017 or until inflation convincingly picks up. --SPA 18:04 LOCAL TIME 15:04 GMT www.spa.gov.sa/w

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