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Financial News: Amended: ECB's Praet Says Policy Stance Remains Appropriat

Amended: ECB's Praet Says Policy Stance Remains Appropriate

04/04/2017 - 07:46:00 (RTTNews)

(RTTNews) - Corrects story heading as the ECB policymaker's name was erroneously mentioned as Coeure earlier.

The European Central Bank's monetary policy stance of retaining massive stimulus remains appropriate even as the bank is more confident about the euro area economic outlook and the deflationary risks have disappeared, ECB Chief Economist Peter Praet said on Monday.

"Incoming data are making us more confident that the economic expansion will continue to firm and broaden," Praet said in an interview to the Spanish newspaper Expansion, the transcript of which was published on the ECB website.

However, the adjustment of the path of inflation towards below, but close to, 2 percent cannot continue without expansionary monetary policy, he added.

"It's clear that the tone of our communication has changed - we are now more optimistic on the economic outlook," Praet said. "Our monetary policy stance thus remains appropriate."

Praet also said that decreasing the ECB's monthly asset purchases to EUR 60 billion from EUR 80 billion, starting Monday, does not signal a gradual reduction of purchases, a process known as tapering.

While the Governing Council still has the option to be more expansionary when needed, currently the probability of having to provide more monetary accommodation to meet the price stability objective has reduced considerably, the policymaker said.

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