Mario Draghi, President of the European Central Bank (ECB) addresses the audience at the Euro Banking Congress in Frankfurt, Germany on November 21, 2014. AFP PHOTO / DANIEL ROLAND
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European Central Bank President Mario Draghi threw the door wide open Friday for more dramatic action to rescue the eurozone economy, saying "excessively low" inflation had to be raised quickly by whatever means necessary.Draghi said there was now no sign of economic improvement in the months ahead and that the ECB would expand and step up its program to pump more money into the currency bloc if its current measures fell short of lifting inflation.Should these not be enough to bring inflation – now at 0.4 percent – back to its medium-term target of just below 2 percent, Draghi said the ECB would recalibrate the size, pace and composition of our purchases as necessary.Draghi acknowledged the different financial structures in the eurozone, Japan and the United States, but stressed QE may still have an effect via the currency channel as banks would be expected to shift into assets outside the eurozone.
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