Draghi says need time for announced measures to take effect

European Central Bank President Mario Draghi said the ECB is ready to take further measures if inflation doesn't pick up, but stressed the need to wait previously announced stimulus measures take effect.

"Right now, we have to focus on implementation, on the effects of the measures we have taken," said Draghi in a press conference Thursday, following the bank’s decision to leave rates unchanged.

ECB raises growth and inflation forecasts for 2016

Meanwhile, the ECB raised growth and inflation forecasts for 2016. ECB lifted growth forecast for the Eurozone in 2016 to 1.6% from 1.4%, and continue to project an expansion of 1.7% in 2017. ECB still sees Eurozone growing 1.7% in 2017 and downgraded 2018 forecast to 1.7%, from 1.8% projected in March.

Meanwhile, ECB CPI forecast for 2016 was slightly lifted to 0.2% versus 0.1% previously estimated. ECB still forecasts annual CPI at 1.3% in 2017 and 1.6% in 2018.  

Regarding UK referendum

"The U.K. and the eurozone are mutually beneficial," Draghi said. "The U.K. should remain in the European Union, because the European Union would benefit from its permanence, and we believe the U.K. would benefit too."    

Regarding taking Greek bonds as collateral

Draghi said the governing council had discussed the possibility of once again accepting Greek government bonds as collateral in its liquidity operations, a move that would allow Greek banks to access cheaper ECB funding than the ELA. However, he said that will require that the Greek government delivers on pledges made to international lenders.