European central bank chief Mario Draghi said the organisation expects a "very gradual recovery" in the debt-crisis-hit eurozone to start later this year.

"The economic situation in the euro area remains challenging but there are a few signs of a possible stabilisation, and our baseline scenario continues to be one of a very gradual recovery starting in the latter part of this year," he told a financial conference in Shanghai.

The ECB cut interest rates last month in an attempt to stimulate the eurozone's recession-ridden economy, shaving a quarter of a percentage point off the "refi" rate on its main refinancing operations to 0.50 percent.

According to a transcript of his speech, Draghi was to say that the ECB will "continue to support macroeconomic performance by ensuring price stability in the euro area".

"In calibrating our policy response to future challenges, the ECB will remain deeply committed to our monetary policy framework," the text said.

He was to add that he believed "decision-makers are ready to tackle the simultaneous tasks of reforming their domestic economies and completing the institutional architecture at the European level".

Source: AFP