Eurozone recovery solid, European Central Bank head says

PanARMENIAN.Net - European Central Bank (ECB) head Mario Draghi has said the eurozone's economic recovery is "increasingly solid" and faces fewer risks, according to BBC News.

But he added that inflation in the 19-nation bloc was still not high enough to raise interest rates.

The ECB has kept its main interest rate on hold at zero for another month.

It also decided not to change the ECB's bond-buying stimulus scheme, which is already being trimmed to 60bn euros a month from 80bn euros.

Draghi said the eurozone's recovery was helped by higher consumer spending, wage growth and a global economic rebound.

But inflationary pressures "remain subdued", with prices largely only going up earlier this year because of higher energy costs, he said.