ECB's Draghi says euro zone recovery proceeding

The euro zone's moderate recovery is continuing and inflationary pressures are subdued, the European Central Bank said on Thursday, pledging to keep interest rates low for an extended period of time.

"Incoming information continues to underline that the moderate recovery of the euro zone economy is proceeding," Draghi told a news conference after the ECB decided to keep its interest rates unchanged at 0.25 percent.

He added that new projections would be ready at the ECB's June meeting.

Draghi said price pressures remained low and that annual inflation would not rise towards the ECB's target of just below 2 percent until the end of 2016.

(Reporting by Eva Taylor; Editing by Jeremy Gaunt)