Dubai – Mubasher: The International Monetary Fund (IMF) said on Thursday it backs the European Central Bank's move to cut a key interest rate and extend its asset purchases.
"The ECB's decisions today help address increased downside risks to the recovery," IMF communications director Gerry Rice told reporters at a regular news briefing.
"Today's actions and its strong commitment to adjust the program if needed will help meet the price stability objective. The ECB should continue to strongly signal its willingness to act and use all the instruments available until its price stability mandate is met."
ECB took steps to expand its stimulus of the eurozone economy on Thursday, extending its bond-purchase program to March 2017.
The bank also said it would increase the penalty it charges banks to keep money in its vaults as a way of pressuring them to lend more.
