Dubai – Mubasher: The European Central Bank lowered its expectations for growth and inflation for the Eurozone during the years 2016 and 2017.

The bank also left interest rates at record lows at its meeting in Frankfurt on Thursday, as it kept the main refinancing rate at 0.05 %. The deposit rate and the marginal lending rate stayed at minus 0.2 %, and 0.3 %, respectively.

At a news conference, ECB President Mario Draghi emphasized that the central bank was willing and ready to act, if further stimulus is needed.

Draghi said the quantitative easing program, that sees the bank buy 60 billion euros ($66.7 billion) worth of bonds a month could run "beyond" its original deadline of September 2016.