The European central bank released its monthly report on November 10, explaining the bank's actions and moves during the past month, especially after the Governing Council unexpectedly cut key interest rates by 25 bp to 1.25% in order to strengthen confidence, growth prospects and jobs creation.

After the European central bank's Governing Council voted to leave key rates unchanged at 1.50%, the Bank said in the monthly statement released today repeating the comments provided by the fresh President, Mario Draghi in the press conference in regards to growth, where significant cut to growth forecasts are possible in the coming period due to the materialized downside risks on growth, which also reflects high level of uncertainty and high energy prices and could damp growth further.

Concerning inflation, the ECB said in the monthly statement that inflation risks remain broadly balanced, while the Bank projects that inflation will undershoot the 2% target next year.

The Bank also called on all the euro-area governments to honor sovereign signatures and take all the measures needed to prevent the debt crisis from expanding further and also said that the October 26 comprehensive plan must be adopted rapidly.