ANKARA
European Central Bank Governor Mario Draghi said Thursday that the bank had revised growth estimates upward for the Eurozone.
The ECB now projects 1.5 percent growth for the 19 euro area countries in 2015, 1.9 percent in 2016 and 2.1 percent in 2017.
"There is clear evidence that recovery is beginning and that the program for bond and securities purchases is working," Draghi said in a press conference after the central bank announced that it would hold its key interest rate at 0.05 percent.
The central bank governor admitted, however, that there would be low negative inflation in the months ahead before prices begin to rise in late 2015.
Draghi said the ECB will start the €1.1 trillion quantitative easing program on March 9, and will continue at least until September 2016, or possibly longer.
"Domestic demand will also rise during the year," Draghi said, citing another factor that would support economic recovery.
Credit flows have also improved, Draghi said, citing increased lending to households and businesses.
"We expect recovery to broaden," Draghi said. He insisted, however, that EU member states must proceed faster in implementing structural reforms, if the recovery is to be durable and lasting.
The euro remained close to an 11-year low against the dollar Thursday.
The Turkish lira fell against the dollar after the ECB announcements, to close at 2.60 against the dollar.
