European bank will recover ‘at a slow pace’

WLFI File Photo
WLFI File Photo

FRANKFURT, Germany (AP) – European Central Bank head Mario Draghi says the eurozone economy suffers from “broad based weakness” and will recover only “at a slow pace.”

That subdued outlook didn’t push the bank to offer more stimulus for the economy at its meeting Thursday. It left its interest rate benchmark unchanged at a record low of 0.25 percent. Some analysts thought it might cut the rate to 0.1 percent.

Draghi repeated the bank’s promise to keep rates low “for an extended period” until the economy improves.
He also declined to announce any other stimulus measures, such as new loans to banks.

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