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European Central Bank President Mario Draghi says the Eurozone’s top monetary authority “is not resigned” to low inflation, and held the door open to taking action as soon as its June meeting takes place. The ECB’s rate-setting council took no action Thursday. Draghi said the 24-member council was “dissatisfied about the projected path of inflation,” and “is not resigned to have too low inflation for too long a time.” The annual rate of 0.7 percent is below the bank’s goal of 2 percent, and has raised fears of crippling deflation.

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