The European Central Bank (ECB) Chief Economist Peter Praet is on the wires now, via Reuters, making a scheduled speech at an event in Frankfurt.
Key Headlines:
Confident that the underlying strength of the economy supports the convergence of inflation to central bank’s target.
ECB policy will remain predictable, will proceed at a gradual pace.
Underlying inflation expected to rise over the medium term.
Significant monetary policy stimulus is still needed.
All policy instruments can be adjusted as needed.
Demand continues to be supported by favorable financing conditions.
Factors related to protectionism, financial market volatility and vulnerabilities in emerging markets are creating headwinds.
Recent data point to loss of growth momentum.
Prudence, patience and persistence will continue to inform our policy decisions.
Forward guidance remains an effective firewall to insulate the euro area from unwarranted tightening pressures originating elsewhere.
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