Mario Draghi, President of the European Central Bank (ECB), addresses the media during a press conference following the meeting of the Governing Council in Frankfurt am Main, western Germany, on December 4, 2014. AFP PHOTO / DANIEL ROLAND
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Mario Draghi dragged the European Central Bank toward more monetary stimulus with a pledge to assess the need early next year, disappointing investors seeking a faster commitment.Many investors deem such U.S.-style quantitative easing necessary if the ECB is to boost inflation, which is now less than a quarter of its target of just below 2 percent.The ECB now forecasts inflation of 0.5 percent this year to be followed by 0.7 percent next year, with the economy expanding 0.8 percent in 2014 and 1 percent in 2015 .A year ago it was predicting inflation and growth of 1.1 percent for this year. The ECB is expanding its balance sheet by lending to banks and buying assets.While its economy appears to have skirted recession, inflation was just 0.3 percent in November.
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