ECB’s Draghi: Reassessment of current monetary policy stance not warranted at this stage

European central bank (ECB) President Mario Draghi is on the wires now, via Reuters, making a scheduled speech on the topic of “Monetary policy and the economic recovery in the euro area” at the ECB and its Watchers XVIII Conference, Frankfurt.

Main Headlines:

ECB monetary policy is working

The recovery is progressing and gaining momentum

Inflation outlook remains conditional on a ‘very substantial degree’ of monetary accommodation

Easy monetary policy stance is still appropriate

Not yet seen sufficient evidence to materially alter our assessment of the inflation outlook

Forces that currently weigh on domestic price pressures should continue to wane

Before changing components of stance, need sufficient confidence that inflation will converge to our aim over a mid-term horizon

A reassessment of the current monetary policy stance is not warranted at this stage

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