Below are the key quotes from the introductory statement by Mario Draghi, President of the ECB, at the ECON committee of the European Parliament, Brussels, 9 July 2018.
- The labour market has improved notably over recent years.
- Our confidence in the inflation path is also rising.
- The projected path of inflation appears to be self-sustained, i.e. resilient to a gradual ending of net asset purchases.
- The expected end of the net asset purchases in December 2018 does not mean that our monetary policy ceases to be expansionary.
- We estimate that the measures we have taken since mid-2014 will have an overall cumulative impact of around 1.9 percentage points on both euro area real GDP growth and inflation for the period between 2016 and 2020.
- Downside risks to the outlook mainly relate to the threat of increased protectionism.
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