Mario Draghi, President of the ECB, is now responding to questions from the press with key quotes, via Reuters, found below.
- No change to assessment of medium-term growth, inflation outlook.
- Now clearer than before that moderation in growth depends on pull-back from unusually strong rates of last year.
- Some sluggishness of q1 continued in q2.
- We see encouraging signs here and there on inflation but early to call victory.
- Negotiated wage component is the main driver in the growth of nominal wages.
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ECB Governing Council monetary policy statement July 26.
At today’s meeting the Governing Council of the ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.40% respectively.
About Mario Draghi
The European Central Bank’s president Mario Draghi was born in 1947 in Rome, Italy. Graduated of the Massachusetts Institute of Technology (MIT), Draghi became the president of the European Central Bank in 2011. As part of his job in the Governing Council he gives press conferences in the back of how the ECB observes the current European economy. President’s comments may determine positive or negative the Euro’s trend in the short-term. Usually, if he shows a hawkish outlook, that is seen as positive (or bullish) for the EUR, while a dovish is seen as negative (or bearish).
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