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European Central Bank's Draghi says eurozone recovering and that stimulus will boost inflation

Associated Press
Published | Updated

FRANKFURT, Germany – European Central Bank head Mario Draghi says the 19-country eurozone economy is recovering and that recent stimulus measures will get inflation back to target.

Draghi told a conference Wednesday the recovery will broaden and strengthen. In the fourth quarter of 2014, the eurozone grew 0.3 percent from the previous quarter.

Draghi said the bank was "deploying monetary policy in a way that will stabilize inflation in line with our objective." In February, consumer prices were 0.3 percent lower than the year before, well off the bank's goal of inflation just under two percent.

Draghi said the bank's measures, including a 1.1-trillion euro ($1.2 trillion) program of bond purchases that started Monday, "have significantly decreased the likelihood" that low inflation would become a chronic downward price spiral hurting growth.