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FXstreet.com (Barcelona) - The ECB Governing Council unanimously decided to maintain their main interest rate at 0.75% at their first monetary policy meeting in 2013. During the subsequent press conference the ECB head Mario Draghi commented on the considerations underlying the decision.

The president suggested that inflation should decline below 2% during 2013. He said that economic weakness in the Eurozone will extend into the new year but that it should give way to a recovery later in the year, as confidence in financial markets is improving gradually and bond yields are seen falling considerably. Credit conditions, already satisfactory, should continue improving as well, as the two long term refinancing operations helped stave off disorderly delevering.

Mario Draghi stressed the importance of a rapid implementation of structural reforms by Eurozone governments in order to increase competitiveness in the area. This should boost growth potential and lead to a rise in employment.

The ECB head also pointed out the necessity of establishing an integrated financial framework in the Eurozone of which the "single supervisory mechanism (SSM) is one of the main building blocks."

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