Draghi: eurozone economy 'resilient' despite trade slowdown

November 16, 2018 - 4:11 am

FRANKFURT, Germany (AP) — European Central Bank head Mario Draghi warns that slowing world trade is proving to be a drag on the eurozone economy but says the current expansion remains "resilient" as consumers at home remain willing to spend and unemployment falls thanks to pro-business reforms.

Draghi said in a speech Friday in Frankfurt that "there is certainly no reason why the expansion in the euro area should abruptly come to an end." He said a gradual slowdown was "normal" as expansions mature.

He said that recently weaker growth figures have also been affected by one-off factors such as strikes and disruption from carmakers failing to get vehicles certified under new emissions tests.

Draghi said the bank was sticking with its plan to phase out its bond purchase stimulus program at year end.

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