The European Central Bank has cut interest rates and increased its asset-buying programme in order to stop exceptionally lower inflation from leaking into the overall economy, sais ECB President Mario Draghi (Rough cut - no reporter narration)
First. As regards the key ECB interest rates. We decided to grow the interest rate on the main refinancing operations of the eurosystem. By five basis points to zero. And they raped on the macho lending facility by five basis points to zero point 25%. The rate of the deposit facility was lower by ten basis opponents to minus zero point four cents. Seconds. We decided to expand. The monthly purchases on there are asset purchase program. From sixty billion euros. Tool at present to eighteen billion euros. They are intended to run until the end of march 2017. Albeit only if necessary. Lou connect had taken into account to Karen outlook for price stability. The governing council expects the key ECB interest rates. To remain at present. All are low levels for an extended period of time. And wed Bastia polarized and all of our next process fish. S.'s. Wind today is comprehensive package of monetary policy decisions. We are providing substantial monetary stimulus to counteract. Heightened to race to the ECB's price stability DO objective. Win but why did very little. Or even negative inflation rates are unavoidable over the next few months as a result of movements in oil prices. It is crucial to our boys. Second round effects by securing their internal inflation to levels below. But close to 2%. Without undue delay. Economic recovery in Euro area continues to be dampened. By sub human growth prospects in emerging markets. Volatile financial markets. The necessary balance sheet adjustments in the number of sectors. And this sluggish pace of implementation. Of structural reforms. This outlook is broadly earth.