ECB's Draghi: Trade War Chief Worry for Global Economy

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The European Central Bank pushed forward Thursday with its plan to gradually phase out its monetary stimulus, saying it is confident in the region's growth. But its president, Mario Draghi, warned that the United States' trade dispute with several major powers has become a key economic concern, the International New York Times reported on an Associated Press story. The chief monetary authority for the 19 countries that use the euro confirmed Thursday that its bond-buying stimulus would be cut to 15 billion euros ($17.4 billion) a month from 30 billion euros after September. The decision was widely expected after being mapped out in detail at the bank's June 14 meeting. The ECB set out its plans to halt the stimulus in December and postpone any interest rate increase until well after that. Analysts do not expect a rate hike until the second half of 2019 at the earliest. Draghi said at a post-decision news conference that the eurozone was seeing "an on-going, broad-based expansion." Read more. (Subscription required.)