The European Central Bank president Mario Draghi, notes that there are some signs of stabilisation in the euro zone economy at a press conference following a meeting on interest rates. The ECB has kept rates at 1% after two consecutive declines.
 
The banker has tried to stay optimistic noting that risks to the euro zone have been substantially reduced, but he admits that the future of the economy is subject to high uncertainty. "The data on lending do not suggest heightened tensions in financial markets", said Draghi.

Furthermore, he argues that the measure to inject liquidity into the system with 3-year loans to financial institutions is allowing the borrowed money to get to the real economy. Although he says it is difficult to quantify and value the liquidity that actually ends up in the real economy.

Draghi also announced that the ECB's monetary policy is and will continue to remain acommodative. He reiterates that it is essential to preserve price stability to support economic growth. Inflation expectations for the coming months include maintained prices above 2% target of the ECB, according to the banker.

Draghi hinted that the ECB will continue to buy sovereign debt of countries in the euro zone with difficulty refinancing, despite the success of the provision of liquidity for three years.

The Governing Council welcomed the European Council's agreement to move towards a stronger economic union, announced on December 9, 2011.

The ECB added that the development of European financial stability tools should work to make the European Financial Stability Facility (EFSF) and the European Stability Mechanism (ESM) more effective.

Regarding the private sector's participation in financial aid to indebted countries, the ECB stressed the "unique and exceptional" agreement for partial cancellation of Greece's debt.