ECB's Draghi says QE begins Monday

(ANSA) - Nicosia, March 5 - The European Central Bank will begin its quantitative easing program buying billions of euros in public-sector bonds starting on Monday, ECB President Mario Draghi announced Thursday.
    He spoke at central bank meetings held in Cyprus.
    The entire program will be worth about 1.1 trillion euros over the next 18 months or so.
    Measures to boost the economy are already producing results, as seen in "positive developments in the eurozone", Draghi added. ECB forecasters have increased their predictions for economic growth in the 19-State eurozone, which is now expected to come in at 1.5% this year, rising to 1.9% in 2016 and reaching 2.1% in 2017.
    Inflation should begin to rise close to target by 2017, beginning with levels of zero this year, 1.5% in 2016 and 1.8% in 2017. The ECB aims to hold inflation just below 2%, which is judged to reflect a stable level of economic demand and growth.
    In December, the central bank trimmed its growth forecasts for the eurozone's gross domestic product to increase by 1% this year, rising to 1.5% in 2016.