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ECB head urges governments to boost growth, observe discipline

(Xinhua)

09:32, May 04, 2012

FRANKFURT, May 3 (Xinhua) -- The European Central Bank (ECB) on Thursday held the interest rates unchanged as expected, while its president Mario Draghi urged euro zone governments to boost growth and observe austerity fiscal discipline.

Speaking at a news conference held in Barcelona, Draghi said the governing council did not discuss specific rate move, adding that there was "absolutely no contradiction" between pursuing a growth pact and pushing ahead with fiscal consolidation.

"We have to put growth back at the center of the agenda, without any contradiction with the need to continue, persevere in fiscal consolidation," Draghi said.

"It is of utmost importance to ensure fiscal sustainability and sustainable growth in the euro area," said Draghi.

According to Draghi, necessary comprehensive fiscal adjustment is weighing on near-term economic growth, while its successful implementation will contribute to the sustainability of public finances and the lowering of sovereign risk premium.

"It is of utmost importance to ensure fiscal sustainability and sustainable growth in the euro area," said Draghi.

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