European Central Bank head Mario Draghi says that growth in the crisis-hit group of 17 countries that use the euro will remain weak for the near future.
Draghi made the remark at his news conference Thursday after the ECB left its benchmark interest rate at a record low of 0.75 percent.
He said he expects growth «to remain weak in the near term and to recover only gradually thereafter.”
A rate cut might have boosted growth, but rates are already low and having little effect. The eurozone’s economy shrank 0.2 percent in the second quarter.
The ECB governing council met in Slovenia, one of the 17 countries that use the euro.[AP]