Europe

ECB to hold fire, let current stimulus programs work

  • FILE - In this Thursday, Nov. 12, 2015 file photo President of the European Central Bank Mario Draghi as he addresses the committee on economic and monetary affairs at the European parliament in Brussels. Europe’s modest economic recovery is finally showing signs it might be the real deal, after years of sluggishness and false starts. And that has helped European Central Bank head Mario Draghi  hit the pause button on his 1.5 trillion euro stimulus machine. (AP Photo/Geert Vanden Wijngaert, File)

    FILE - In this Thursday, Nov. 12, 2015 file photo President of the European Central Bank Mario Draghi as he addresses the committee on economic and monetary affairs at the European parliament in Brussels. Europe‚Äôs modest economic recovery is finally showing signs it might be the real deal, after years of sluggishness and false starts. And that has helped European Central Bank head Mario Draghi hit the pause button on his 1.5 trillion euro stimulus machine. (AP Photo/Geert Vanden Wijngaert, File)  (The Associated Press)

  • FILE - In this Sept. 3 2015 file picture , the president of European Central Bank Mario Draghi speaks during a news conference in Frankfurt, Germany.  The ECB  will meet in Vienna Thursday June 2, 2016.  (AP Photo/Michael Probst,file)

    FILE - In this Sept. 3 2015 file picture , the president of European Central Bank Mario Draghi speaks during a news conference in Frankfurt, Germany. The ECB will meet in Vienna Thursday June 2, 2016. (AP Photo/Michael Probst,file)  (The Associated Press)

The European Central Bank is expected to stress its commitment to raise inflation and help the economy Thursday, but is unlikely to provide any new stimulus measures.

The chief monetary authority for the 19-country eurozone is battling to raise inflation, which at minus 0.1 percent is considered too low.

It is expected to keep its 1.74 trillion euro ($1.94 trillion) stimulus package unchanged at Thursday's meeting and could raise its forecasts for inflation thanks to the recent rise in oil prices.

Afterwards, ECB President Mario Draghi is likely to underline that the bank is ready to add more stimulus if needed to raise inflation toward its goal of just under 2 percent.

The ECB currently projects inflation of 1.3 percent for next year and 1.6 percent for 2018.