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MENAFN - 09/11/2012

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(MENAFN) The European Central Bank's (ECB) President, Mario Draghi, announced that the bank decided to keep interest rates unchanged as inflation expectations for the euro zone are compliant with the ECB's target of keeping inflation levels less than 2 percent, reported Xinhua News.

Draghi added that the bank is prepared to begin its bond- purchasing plan, dubbed the Outright Monetary Transactions (OMTs).

He said that the OMTs are expected to help evade extreme scenarios, thus, noticeably lessening concerns about the materialization of destructive forces.

The ECB's president noted that weak activity continued to prevail in 2012's second half, while recent survey evidence from the economy does not show progress towards the end of the year.

It is worth noting that in 2013, growth momentum is also forecasted to stay weak.

 






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