The ECB President Mario Draghi, during a scheduled speech in Frankfurt, was noted saying that risks to the outlook remain tilted to the downside and the central bank is not short of instruments to deliver on the mandate.
Additional quotes:
“¢ The domestic economy has remained relatively resilient.
“¢ A soft patch doesn’t necessarily foreshadow a serious slump.
“¢ Would adjust rate forward guidance if there are delays to inflation convergence.
“¢ If the economy were to slow more than expected, risks to wage growth may be contained.
“¢ Effects of exchange rate appreciation have now reversed.
“¢ Demand should recover, so long as downside risks do not materialize.
“¢ Remain confident that sustained convergence of inflation to target has been delayed rather than derailed.
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