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Central Banks

ECB chief Draghi delivers speech on monetary policy decision

European Central Bank President Mario Draghi delivered a speech on the central bank's monetary policy decision Thursday.

The ECB decided Thursday to cut the level of bonds it purchases every month, but extend the length of time that its stimulus program runs.

Its purchases will fall to 30 billion euros ($35 billion) from 60 billion euros, starting in January. The central bank said it will extend its monetary stimulus program until at last September of next year.

The central bank has remained ultra-accommodative in the years since the global financial crash and the euro zone sovereign debt crises. As well as record low interest rates it also introduced U.S.-style quantitative easing (QE) — buying assets to stimulate lending — which is used to stoke inflation and boost the economy.

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