BUSINESS

Draghi: ECB 'won't hesitate' to provide stimulus if needed

Staff Writer
Columbus CEO

FRANKFURT, Germany (AP) — European Central Bank head Mario Draghi says the chief monetary authority for the eurozone "will not hesitate" to expand its stimulus to support the troubled economic recovery at its next meeting.

Draghi's speech in Frankfurt on Friday reinforced his earlier statements taken by markets as a green light for action at the Dec. 3 meeting.

The ECB needs to assess whether "if left to its own forces, the economy will be able to achieve a self-sustaining trajectory. If not, then it will require more monetary stimulus."

The ECB could increase its 1.1 trillion euro ($1.2 trillion) program of bond purchases, which inject newly printed money into the economy. It could also lower its rate on money deposited by banks farther into negative territory, pushing the banks to lend more.