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ECB 'ready to act' on rates as economy languishes

Blog by Brad Herman | April 4th, 2013

The European Central Bank expects a gradual economic recovery later this year but will monitor incoming data very closely and is ready to cut interest rates if necessary, its president said on Thursday.

Addressing a news conference after the ECB held rates at a record low 0.75 percent, the highest level among the world's major central banks, Mario Draghi said discussion at the monthly meeting had been extensive and the consensus was to hold fire.