The President of European Central Bank Mario Draghi waits for the beginning of a press conference following the meeting of the governing council in Frankfurt, Germany, Thursday, Oct. 25, 2018. (AP Photo/Michael Probst)
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The European Central Bank stuck to plans Thursday to claw back unprecedented stimulus, even as the growth outlook continues to darken and political turmoil in Italy looms large over the currency bloc.The comments appeared to confirm already solid expectations that the ECB will not go back on its pledge to end bond purchases by the close of the year, even if the growth outlook continues to weaken.With the EU having taken the unprecedented step of rejecting Italy's budget this week, Draghi was quizzed at length about the escalating political fight between Rome and Brussels. He made it abundantly clear the ECB would not come to Italy's aid.Economists said the message to Rome was clear: that the ECB will not come to its aid and it should prepare for life after years of central bank support.
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