Mario Draghi insisted on Thursday that the European Central Bank agreed on the need to introduce more stimulus if “current measures aren’t enough”, after a meeting at which the bank’s governing council kept interest rates at record lows.
The ECB previously announced that it would begin buying asset-backed securities and covered bonds in a bid to boost lending. The bank has so far not planned large-scale purchases of government debt, as launched by the Bank of England, Federal Reserve and Bank of Japan.
“The governing council [of the ECB] is unanimous in its commitment to using additional unconventional instruments within its mandate” should inflation sink lower or growth fail to take off, the bank said in a statement.
Opposition to outright “monetary financing” of government debts, which German officials believe exceeds the ECB’s mandate, has so far limited Mr Draghi’s room for manoeuvre.
But economists have expressed hope that the ECB could introduce full-blown quantitative easing a later date.
The ECB’s existing purchase programs “are unlikely to do enough to get the [European] economy back on its feet or eliminate the threat of deflation,” said Jennifer McKeown, senior European economist at Capital Economics.
“With the business surveys very weak, bank lending continuing to contract and core inflation at a joint record low, the ECB should be increasingly concerned about the economic and inflation outlook,” she said.
Mr Draghi, the ECB president, also suggested that the bank could lower growth forecasts for the euro zone.
“The risks surrounding the economic outlook for the euro area continue to be on the downside,” Mr Draghi said.
abouyamourn@thenational.ae
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COMPANY%20PROFILE
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Company profile
Name: Dukkantek
Started: January 2021
Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani
Based: UAE
Number of employees: 140
Sector: B2B Vertical SaaS(software as a service)
Investment: $5.2 million
Funding stage: Seed round
Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office
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The Details
Kabir Singh
Produced by: Cinestaan Studios, T-Series
Directed by: Sandeep Reddy Vanga
Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa
Rating: 2.5/5
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
COMPANY%20PROFILE
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Zayed Sustainability Prize
THE SPECS
Cadillac XT6 2020 Premium Luxury
Engine: 3.6L V-6
Transmission: nine-speed automatic
Power: 310hp
Torque: 367Nm
Price: Dh280,000
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
The specs
Engine: 5.2-litre V10
Power: 640hp at 8,000rpm
Torque: 565Nm at 6,500rpm
Transmission: 7-speed dual-clutch auto
Price: From Dh1 million
On sale: Q3 or Q4 2022
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Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
The Gandhi Murder
- 71 - Years since the death of MK Gandhi, also christened India's Father of the Nation
- 34 - Nationalities featured in the film The Gandhi Murder
- 7 - million dollars, the film's budget
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.