Draghi speech: Forecast cut due to weaker contribution from foreign demand

Mario Draghi, President of the ECB, is delivering his remarks on the bank's monetary policy decision in a press conference with key quotes found below.

• Domestic cost pressures strengthening.
• Uncertainty around the inflation outlook is receding.
• Underlying inflation expected to pick up toward the end of the year.
• Growth uncertainties relating to global factors remain prominent.
• Inflation likely to hover around current level for rest of the year.
• Forecast cut due to weaker contribution from foreign demand.
• Risks surrounding growth broadly balanced.

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About Mario Draghi

The European Central Bank's president Mario Draghi was born in 1947 in Rome, Italy. Graduated of the Massachusetts Institute of Technology (MIT), Draghi became the president of the European Central Bank in 2011. As part of his job in the Governing Council he gives press conferences in the back of how the ECB observes the current European economy. President's comments may determine positive or negative the Euro's trend in the short-term. Usually, if he shows a hawkish outlook, that is seen as positive (or bullish) for the EUR, while a dovish is seen as negative (or bearish).