ECB head says Europe's economy picking upMarch 5, 2015 - 18:08 AMT PanARMENIAN.Net - European Central Bank head Mario Draghi says Europe's economy is picking up. The head of the monetary authority for the 19-country eurozone said Thursday, March 5, that the bank was raising its growth forecast for this year to 1.5 percent from 1.0 percent, the Associated Press reports. "Looking ahead, we expect the economic recovery broaden and strengthen," he told reporters after the bank kept its key interest rate on hold at its monthly meeting. He said the ECB would start on Monday its 1.1 trillion euro ($1.2 trillion) bond-purchase program to stimulate the recovery and raise the rate of inflation from a dangerously low 0.3 percent. The ECB will buy 60 billion euros ($67 billion) per month in government and corporate bonds starting Monday. Economists say the economy is showing signs of life in part due to increased confidence based on hopes for the stimulus program. Lower oil prices and a weaker euro have helped as well. The euro got a temporary lift from Draghi's comments and was trading at $1.1084, against $1.1066 before the banker's comments. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Armenia-Qatar ties discussed in Doha The Secretary of Armenia’s Security Council met with the Deputy Secretary General of the National Security Council of Qatar. ARARAT special evening dedicated to Aznavour's 100th Anniv. On May 20 ARARAT legendary Armenian brandy, celebrated the centennial of Maestro Charles Aznavour with a special event. Surveying works underway in Armenia’s Kirants Surveying works are underway in the Armenian village of Kirants in the northern Tavush province. Armenia calls for prohibiting threats of attacks on nuclear facilities Armenia has raised the need for a treaty prohibiting attacks on nuclear facilities devoted to peaceful purposes. |