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Thursday, Sep 5
Draghi: ECB raises 2013 GDP forecast, lowers 2014 projection, rates to stay low
- Interest rates will stay low "for an extended period of time," Mario Draghi says, at the ECB press conference following the central bank's rate decision.
- The ECB upgrades its 2013 eurozone GDP growth projection to -0.4% from -0.6%, but Draghi says growth risks remain on the downside. 2014 GDP forecast lowered to 1% from 1.1%.
- Other takeaways: Inflation expectations are well-anchored, "fragmentation in euro-area markets" must dissipate further (i.e. more integration and less disintegration), euro-area countries must continue with their reform agenda. Deficits and debt ratios must continue on a downward path.