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ECB’s Lane: Slowdown mainly due to external developments

European Central Bank (ECB) chief economist Philip Lane on Monday noted that the incoming information was signalling a more extended slowdown in the euro area growth dynamics than previously expected and added that the slowdown was mainly due to external factors.

The EUR/USD pair doesn’t seem to be paying any ming to Lane’s remarks and was last down 0.35% on the day at 1.1035. Below are some additional quotes, per Reuters.

“ECB’s mandate for price stability is unconditional, and the Governing Council is unwavering.”

“Convergence of inflation towards the Governing Council’s aim has recently slowed and partly reversed.”

“Euro area services sector remains resilient.”

“Forward guidance on the key ECB policy rates is a very powerful instrument and remains our principal tool.”

“The case for a monetary policy response was clear, and a comprehensive package of measures was judged to be the most effective.”

“APP, reinvestments will, therefore, adjust dynamically to changes in the inflation outlook.”

“The policy response to the continued shortfall of inflation from our aim also reflects our commitment to symmetry in the inflation aim.”

“Our policies create a cushion to insulate the economy from the materialisation of downside risks.”

“We are confident that the envisaged purchase volumes will be consistent with the current parameters of the app for an extended period of time.”

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