The European Central Bank has kept its main interest rate unchanged at zero. Speaking after the ECB's meeting, ECB President Mario Draghi said he expected rates to stay at present or lower levels until the end of the first quarter of 2017 as economic recovery in the euro area remains insufficient.
According to Draghi, the latest economic data indicate that the region’s first-quarter GDP is growing at a slower pace than in the second quarter. Speaking of prospects, the eurozone economy is seen to recover at a slow, but steady pace.
The European regulator upgraded its eurozone growth forecast to 1.6% in 2016 from 1.4% and also raised its 2016 inflation forecast to 0.2% from 0.1%.
Draghi also mentioned Greece’s economy. He said that the Greek banks will regain access to the ECB’s money which was lost a year ago. However, this will take place as soon as the international lenders affirm that Athens comply with the obligations it had assumed in July 2015.
Asked at the news conference for the bank's stance on a possible exit of Britain from the European Union, Draghi said the ECB was ready for such an eventuality but believed it was economically preferable for Britain to remain in the bloc.
