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ECB to start programmes this year
02 Oct 2014 15:03
The European Central Bank is ready to use further unconventional policy tools if needed to stave off the risk of inflation remaining too low for too long, ECB President Mario Draghi said today.
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Euro zone inflation slowed to 0.3% in September, slipping deeper below the ECB's target of just under 2% over the medium term.
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The persistently low rate underscores the difficulty of hitting that target in a stagnating economy.
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The ECB has launched a series of policies to boost the economy and inflation but Draghi said there was a willingness to do more if necessary.
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"Should it become necessary to further address risks of too prolonged a period of low inflation, the Governing Council is unanimous in its commitment to using additional unconventional instruments within its mandate," Draghi told his monthly news conference after the ECB left rates at record lows. Today's ECB meeting was held in the Italian city of Naples.
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Earlier, the bank left euro zone interest rates unchanged, holding them at record lows.
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It left its main refinancing rate at 0.05%, and also kept the rate on bank overnight deposits at -0.2%, which means banks pay to leave funds at the central bank. Its marginal lending facility - or emergency borrowing rate - was also held steady at 0.3%.
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