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 | Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. Azerbaijan must respect human rights, Scholz tells Aliyev German Chancellor Olaf Scholz has called for greater respect for human rights in Azerbaijan. Armenia: Defense Ministry warns against involving army in political processes The Ministry’s statement came after a video surfaced online, showing soldiers joining the protests in Tavush. Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. |