Draghi Sees Signs of Stabilization in ‘Challenging’ Economy
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European Central Bank President Mario Draghi said that while the economic outlook in the euro area is “challenging,” he still expects a recovery this year.
“There are a few signs of a possible stabilization,” Draghi said in a speech in Shanghai today, according to a text provided by the Frankfurt-based central bank. “Our baseline scenario continues to be one of a very gradual recovery starting in the latter part of this year.”
After reducing the ECB’s benchmark interest rate to a record low of 0.5 percent last month, Draghi signaled he’s prepared to cut again if economic data worsen. While unemployment in the 17-member euro area reached a fresh record in April and the recession deepened in the first quarter, most economists in a Bloomberg News survey said they didn’t expect the ECB’s Governing Council to lower borrowing costs when it meets on June 6.
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