European Central Bank Ready for 'Decisive Action'

By: AP Email
By: AP Email

FRANKFURT, Germany (AP) - European Central Bank head Mario Draghi says the bank is ready to "take further decisive action" using "all available tools" to spur a weak recovery.

Still, the ECB took no action Thursday, leaving its key interest rate unchanged at a record low of 0.25 percent.

The eurozone economy grew only 0.1 percent in the third quarter. Draghi has said the bank intends to keep rates at current or lower levels for an extended period of time.

Some indicators of business activity suggest the recovery in the 18-country eurozone is strengthening. But inflation is low at only 0.8 percent, raising fears the eurozone could fall into a deflationary spiral, in which falling prices choke off growth.

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