Mario Draghi, the outgoing European Central Bank President, announced a host of stimulus measures in his penultimate policy session to boost the euro area economy as the bank slashed the growth and inflation forecasts.
Policymakers reiterated the need for a highly accommodative stance of monetary policy for a prolonged period of time, Draghi said in his introductory statement.
The Governing Council was unanimous in its view that fiscal policy should become the main instrument to boost the euro area economy, he said.
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