ECB cut rates because of weak economy, tame inflation: Draghi

Published May 02, 2013

| Reuters

Extended weak economic activity and tame inflation persuaded the European Central Bank to cut interest rates, ECB President Mario Draghi said on Thursday.

In the past month, confidence indicators have slumped, triggering fears of a delayed recovery in the euro zone.

"Weak economic sentiment has extended into the spring of this year," Draghi told a news conference.

"Inflation expectations for the euro area continue to be firmly anchored.... our monetary policy stance will remain accommodative," he said.

(Reporting by Michael Shields Editing by Jeremy Gaunt)

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