ECB closely monitoring economic situation

Draghi says central bank will act if need be

ECB closely monitoring economic situation

Frankfurt, April 4 - The European Central Bank is monitoring the eurozone economic situation closely and is ready to act if need be, Governor Mario Draghi said on Thursday. Draghi was answering questions as to whether the central bank still had instruments at its disposal to use in the current economic environment, or if it had exhausted its arsenal. He went on to say the events in Cyprus strengthened the bank's determination to uphold the euro, adding he was absolutely certain the Cyprus "method" was not one to apply in future bailout schemes in the region.

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