Second-round inflation fears prompted ECB action: Draghi

The European Central Bank cut interest rates and increased its asset-buying program in order to stop exceptionally lower inflation from leaking into the overall economy, ECB President Mario Draghi said on Thursday. The ECB said it now expected 2016 euro zone inflation to be 0.1 percent, well down from its previous forecast of 1.0 percent. Draghi also said the bank intended to keep interest rates low or even lower for an extended period of time.