Bloomberg News

Draghi Says Growth Outlook ‘Dismal,’ Situation ‘Very Grave’

January 16, 2012

Jan. 16 (Bloomberg) -- European Central Bank President Mario Draghi said growth prospects in the euro region are “dismal.”

“We are in a very grave state of affairs and we must not shy away from this fact,” Draghi told lawmakers at the European Parliament in Strasbourg today. “During the last few months of 2011, uncertainty over the sustainability of certain sovereigns and the resilience of the financial system, coupled with dismal growth prospects, led to severe disturbances in the normal functioning of financial markets and, ultimately, the real economy.”

To contact the reporter on this story: Jonathan Stearns in Brussels at

To contact the editor responsible for this story: Matthew Brockett at

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