ECB’s Draghi discusses the state of monetary policy, after central bank holds rates

The European Central Bank (ECB) kept its benchmark interest rates at current levels Thursday, following its September meeting.

Bank President Mario Draghi then held a press conference in Frankfurt where he discussed the state of the European economy, what risks were currently impacting sentiment and other key topics, such as Italy.

The latest meeting by the ECB comes just days before the 10-year anniversary of the collapse of Lehman Brothers. Draghi spoke about the financial crisis that rocked markets a decade ago, stating that now, banks all-in-all seem in better shape.

“For us, the crisis actually started before Lehman. The first serious signs of an impending crisis actually date back to September 2007,” Draghi told reporters.

“What I remember of that incident was the extraordinary effort of international cooperation at world level. In other words, even before Lehman it was quite clear that the financial crisis was coming. And it would have unprecedented proportions and was worldwide,” he added.

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