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Financial News: ECB's Draghi Says Review Of Current Policy Stance

ECB's Draghi Says Review Of Current Policy Stance Not Warranted For Now

04/06/2017 - 03:55:00 (RTTNews)

(RTTNews) - The European Central Bank is confident that its policy is working and the outlook for the euro are economy is gradually improving, and it needs more evidence to confirm that inflation will converge to its aim of near 2 percent, hence there was no ground for reassessing the current policy stance, ECB President Mario Draghi said Thursday.

"Forces that are currently weighing on domestic price pressures should continue to wane," Draghi said in a speech at the ECB Watchers conference in Frankfurt.

"But even so, we have not yet seen sufficient evidence to materially alter our assessment of the inflation outlook - which remains conditional on a very substantial degree of monetary accommodation."

"Hence a reassessment of the current monetary policy stance is not warranted at this stage," he added.

Policymakers still need to to build sufficient confidence that inflation will indeed converge to the ECB's aim over a medium-term horizon, and will remain there even in less supportive monetary policy conditions, before considering a change in the components of the current policy mix, Draghi said.

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