ECB counter austerity critics

The European Central Bank governing council met with a commotion of anti-austerity demonstrators at the Capodimonte museum in Naples yesterday.   Around 4000 protestors were present, using water cannon and tear gas in an attempt to obstruct with the police force.   ECB’s President Draghi who is Italian-born retorted back to the allegations stating that all measures are being taken to counter the economic depression.   "We have lowered interest rates so far that they can't go any lower. We have injected unprecedented amounts of liquidity into the system," he claims.   The ECB’s meeting was centred on anti-deflationary measures to be taken in order to revive the stifling Eurozone.   The Governing Council unanimously voted to keep interest rates at its current position while President Mario Draghi reiterated its incentive to inject more cash into the single currency bloc's moribund economy.   Draghi nevertheless pointed out that the falling euro will not be able to bolstered up single-handedly by the ECB; more structural reforms is required from contributing economies no matter how unprecedented they might appear.   Source: Yahoo Finance
Priscilla Camryn By: Priscilla Camryn
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