Draghi: ECB raises 2013 GDP forecast, lowers 2014 projection, rates to stay low

|By:, SA News Editor

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.