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Draghi Says ECB is Ready to Act as Growth Outlook Worsens – Bloomberg

European Central Bank President Mario Draghi said officials are ready to add more stimulus to the euro region’s economy if necessary, while damping expectations that another round of three-year funding for banks is imminent.

“We monitor all developments closely and we stand ready to act” as the economy faces “increased downside risks,” Draghi told reporters in Frankfurt today after the ECB left its benchmark rate at 1 percent. “A few” governing council members asked for a rate cut today, he said.

… While Draghi said that the ECB will extend its offerings of three-month unlimited cash into next year, he indicated that longer-term financing will have to wait.

“I don’t think it would be right for the ECB to fill other institutions’ lack of action,” said Draghi when asked about the prospect of another offering of three-year funds for banks.

via Draghi Says ECB is Ready to Act as Growth Outlook Worsens – Bloomberg.

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