The European Central Bank (ECB) is determined to stop inflation becoming "embedded" in the economy, ECB President Mario Draghi has said.Image Credit: Google
Speaking at a news conference after the ECB's policy meeting on Thursday, Mr Draghi said the central bank was not satisfied with the current level of inflation.Image Credit: Google
"We remain determined to act, and we will act," he said.Image Credit: Google
The ECB left interest rates unchanged at its meeting, but Mr Draghi hinted that a further cut could be on the cards.Image Credit: Google
"If necessary, we stand ready to adjust our policy stance further," he said.Image Credit: Google
Mr Draghi also announced that the ECB would start buying corporate bonds in the coming weeks, as part of its efforts to boost inflation.Image Credit: Google
The ECB's decision to leave rates unchanged was widely expected, but the news of more bond purchases surprised financial markets.Image Credit: Google
The euro fell sharply against the US dollar after Mr Draghi's comments, and stocks rose.Image Credit: Google
The ECB has been under pressure to do more to boost inflation, which has been stuck below its target of 2% for several years.
Inflation in the eurozone was 0.2% in September, well below the ECB's target.