Slow But Sure Recovery For Eurozone, ECB Says

Following record low interest rates of 0.05%, the European Central Bank has raised its inflation forecast to 0.3% after putting it at 0%. ECB president Mario Draghi, while addressing a news conference in Frankfurt, Germany stated that the Eurozone is on the track of recovery.

Draghi said that the threats to the duration of recovery have now diminished and although the positive turn-around will not be as strong as strong as expected, slow but sure growth is to be expected.

The euro inflation core rate soared to 0.9% in May of this year, putting an end to the threat that induced the ECB to go into money printing. The inflation next year is projected to be 1.5% and growth was set at 1.5% for this year, to rise to 1.9% in 2016.