ECB head says Europe's economy picking upMarch 5, 2015 - 18:08 AMT PanARMENIAN.Net - European Central Bank head Mario Draghi says Europe's economy is picking up. The head of the monetary authority for the 19-country eurozone said Thursday, March 5, that the bank was raising its growth forecast for this year to 1.5 percent from 1.0 percent, the Associated Press reports. "Looking ahead, we expect the economic recovery broaden and strengthen," he told reporters after the bank kept its key interest rate on hold at its monthly meeting. He said the ECB would start on Monday its 1.1 trillion euro ($1.2 trillion) bond-purchase program to stimulate the recovery and raise the rate of inflation from a dangerously low 0.3 percent. The ECB will buy 60 billion euros ($67 billion) per month in government and corporate bonds starting Monday. Economists say the economy is showing signs of life in part due to increased confidence based on hopes for the stimulus program. Lower oil prices and a weaker euro have helped as well. The euro got a temporary lift from Draghi's comments and was trading at $1.1084, against $1.1066 before the banker's comments. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Turkey extends military presence in Azerbaijan The Turkish parliament has adopted a bill submitted by Recep Tayyip Erdogan to extend the mandate of Turkish troops. Russia to begin assessing migrant workers' speaking skills Rosobrnadzor is planning to change the Russian language exam for migrant workers and include an assessment of speaking skills Armenian, Saudi Foreign Minister meet in Riyadh The two commended the positive dynamics of the development of political dialogue between Armenia and Saudi Arabia Pashinyan: Azerbaijan’s proximity shouldn’t worry border residents At the same time, he said that he “does not guarantee [the security of villagers] one hundred percent”. |