Draghi Strikes Glum Economic Tone Amid ‘Persistent Uncertainties’

European Central Bank President Mario Draghi struck a downbeat tone, warning that the “persistence of uncertainties” was continuing to weigh on the eurozone economy, the Financial Times reported. “The risks surrounding the euro area growth outlook remain tilted to the downside, on account of the persistence of uncertainties related to geopolitical factors, the threat of protectionism and vulnerabilities in emerging markets,” Mr Draghi said on Wednesday, after the central bank had earlier kept its benchmark refinancing rate at zero. On inflation, Mr Draghi, who defended the bank’s “quite effective” monetary policy, said “the governing council stands ready to adjust all of its instruments, as appropriate, to ensure that inflation continues to move towards the governing council’s inflation aim in a sustained manner”. Read more