Vladimír Urbánek (Kurzy.cz)
Macroeconomics  |  March 07, 2013 14:54:11, updated

ECB and BoE leave rates unchanged, Draghi believes in recovery later in the year, despite lower estimates

Today, the ECB decided to leave the current setting of policy rates remain unchanged. Key rate remains at a record low level of 0.75%, which is entirely consistent with market estimates.

The same decision a little earlier also made the Bank of England, which kept its key interest rate to 0.5%, which also decided to maintain the current asset purchase program at 375 mld.GBP.

ECB chief Mario Draghi said later that he still believes in the gradual improvement of the situation in the eurozone economy, which should come later this year due to growth in global economic activity and the loose monetary policy of the ECB. Draghi admitted that part of the board discussed a possible interest rate cut, but most were for their maintenance at current levels. According to Draghi developments in Italy, renewed market concerns about the possibility of successful management of the European debt crisis.At this address, said, however, that the markets understand that we live in a democracy and overall confidence later restored.

Central bankers reduced the outlook for the euro area this year from the original decline by 0.3% to -0.5%. Estimates for 2014 have been reduced from +1.2 to +1%. The outlook for inflation in 2014 was reduced from 1.4 to 1.3%.

Draghi also said that the risks to economic development are receding rather, the risks to inflation are balanced.
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