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Financial News: ECB Says Improved Growth Momentum Yet To Translate

ECB Says Improved Growth Momentum Yet To Translate Into Stronger Inflation

09/21/2017 - 07:50:00 (RTTNews)

(RTTNews) - Eurozone's improved economic growth momentum has yet to feed into inflation, making it necessary to maintain the massive monetary stimulus until price pressures build up, European Central Bank said in its latest economic bulletin released on Thursday.

"While the ongoing economic expansion provides confidence that inflation will gradually head to levels in line with its inflation aim, it has yet to translate sufficiently into stronger inflation dynamics," the ECB said in the bulletin, echoing the assessment made in the introductory statement after the September 7 policy session.

The ongoing economic expansion remains solid and broad-based, but underlying inflation is yet subdued, the bank said. Further, the recent volatility in the exchange rate represents a source of uncertainty which requires monitoring with regard to its possible implications for the medium-term outlook for price stability, the bank added.

"A very substantial degree of monetary accommodation is still needed for underlying inflation pressures to gradually build up and support headline inflation," the ECB reiterated.

The bank also said that the Governing Council "will decide in the autumn on the calibration of the policy instruments beyond the end of the year."

The ECB also noted that the swift decline in euro area unemployment was particularly encouraging against a background of increasing labour supply.

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