By Jonathan Davies

The European Central Bank (ECB) is expecting the eurozone economy to grow by 1.5% in 2015, upgrading its previous growth forecast of 1%.

The head of the ECB, Mario Draghi, said he expects growth to rise steadily over the next few years, reaching 2.1% by 2017.

The announcement came as the ECB revealed that it was keeping its key interest rates at 0.05% and confirmed the quantitative easing (QE) plans announced in January.

The ECB will inject €1.1 trillion (£834bn) into the eurozone economy until September 2016.

"We will on 9 March 2015 start purchasing euro-dominated public sector securities in the secondary market," he said.

"We will also continue to purchase asset-backed securities and covered bonds which we started last year."