``Commerzbank warned that the German economy may have contracted by 0.2pc in the second quarter and is far too weak to pull southern Europe out of the doldrums. Industrial output fell 1.5pc over the three months. The DAX index of equities in Frankfurt has dropped 10pc over the past month and is threatening to break through the psychological floor of 9,000... [Draghi] said the ECB, which on Thursday held benchmark interest rates at 0.15pc, "stands ready" to inject money through purchases of asset-backed securities and quantitative easing if needed, but would not take further action yet even though inflation had fallen to 0.4pc.''

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