European Central Bank ready to take further action if trouble hits economy, Draghi says

European Central Bank President Mario Draghi arrives for an EU summit in Brussels, on March 22, 2019.The European Central Bank is ready to take further action to help the economy if the outlook takes a sudden turn for the worse, bank President Mario Draghi said Wednesday.

Speaking at a conference on monetary policy held by Frankfurt’s Goethe University, Draghi said the economy of the 19 countries that use the euro faced “pervasive uncertainty” from a slowdown in global trade, while domestic demand remained robust.He said the bank could respond to weaker than expected inflation by adjusting its timetable for interest rate increases. Right now, the ECB says rates will not rise before the end of the year.

The ECB uses its interest rate benchmarks to steer the cost of borrowing for banks, and, through that, borrowing costs for businesses and consumers. Lower rates should encourage borrowing and more economic activity.

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