Draghi plays down anticipation of immediate rate cut

European Central Bank (ECB) president Mario Draghi has tried to play down the anticipation of an immediate rate cut in an interview published on Saturday. Draghi told German magazine Der Spiegel that he saw no need of an immediate rate cut, citing "many encouraging signs" including the economic recovery in some euro area countries, decreasing budget deficits and other improvements. His claim came as expectations for more monetary easing by the ECB are running high. The ECB has clarified in its forward guidance that the current low interest rates would remain for a long period of time or become even lower. Draghi said in the monthly news conference that the ECB was ready to consider all available instruments while keeping a close eye on the developments in the euro area. A wide range of economists were reported to believe that the ECB would ease its monetary policy further to spur up the economic recovery in the euro zone