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Draghi says ECB will continue to monitor economic, financial developments

ECB President Mario Draghi said the bank's GoverningCouncil will continue to keep a close eye on economic and financial marketdevelopments, after it kept key interest rates unchanged at its first policy meeting followingthe U.K.'s decisionto leave the EU.

Draghi said the increase in uncertainty and volatility thatfollowed the vote was weathered "with encouraging resilience." Henoted that the ECB expects economic recovery in the eurozone to proceed at amoderate pace but acknowledged risks that include geopolitical uncertainty and subduedgrowth prospects in emerging markets.

"Over the coming months, when we have more information,including new staff projections, we will be in a better position to reassessthe underlying macroeconomic conditions, the most likely paths of inflation andgrowth and the distribution of risks around those paths," Draghi said. Hereiterated that the Governing Council would "act by using all theinstruments available within its mandate" to achieve its goal ofmoderately boosting inflation.