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Financial News: ECB's Liikanen Says Eurozone Still Needs Very Substantial

ECB's Liikanen Says Eurozone Still Needs Very Substantial Monetary Stimulus

03/30/2017 - 06:26:00 (RTTNews)

(RTTNews) - Euro area still needs significant monetary stimulus as higher inflation is unlikely in the medium term, European Central Bank Governing Council member Erkki Liikanen said Thursday.

"A very substantial degree of monetary accommodation is still needed in the euro area for underlying inflation pressures to build up and support inflation in the medium term," Liikanen, who heads the Bank of Finland, said at a press conference held on the sidelines of the release of the bank's latest bulletin and journal.

The policymaker stressed that ECB will continue its asset purchases until there is a sustained adjustment in the path of inflation consistent with its inflation objective of 'below, but close to 2 percent'.

"Should the economic outlook weaken or the financial market situation no longer contribute to increasing inflation, the duration or volume of purchases can be adjusted," he added.

Liikanen also pointed out that the Competitiveness Pact is expected to bring about tangible improvements in cost-competitiveness for countries in the euro area.

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