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ECB chief highlights growth risks, uncertainty

ECB chief highlights growth risks, uncertaintyEuro zone growth is gaining momentum but uncertainty is high, partly due to Britain's June 23 vote on EU membership, so the European Central Bank stands ready to act with all instruments if necessary, ECB President Mario Draghi said on Tuesday.

"Uncertainty remains high and downside risks are still significant due to the continued fragile state of the global economy and geopolitical developments," Draghi told the European Parliament's economy committee, Reuters reports.

"We will closely monitor the evolution of the outlook for price stability," he said. "We stand ready to act by using all the instruments available within our mandate, if necessary, to achieve our objective. In particular, the ECB is ready for all contingencies following the UK’s EU referendum." Read also Oil prices fall ahead of UK referendum.

The value of the pound would decline precipitously in case of Brexit, according to U.S. billionaire financier George Soros.
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