SINTRA, Portugal—European Central Bank President Mario Draghi signaled Tuesday that the bank could delay plans announced just last week to end its giant bond-buying program, underlining policy makers’ caution in phasing out easy money as the region’s economy slows and faces new risks.

Mr. Draghi’s comments highlight a growing policy gap between the world’s top two central banks: The Federal Reserve last week raised short-term interest rates and signaled two more rate increases this year to stop the U.S. economy from overheating,... ...

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