European Central Bank President Mario Draghi said the euro area economic recovery is proceeding along its solid and broad-based path despite prominent uncertainties linked to the global trade.
“The underlying strength of the economy confirms our confidence that the sustained convergence of inflation to our aim will continue in the period ahead and will be maintained even after a gradual winding-down of our net asset purchases,” Draghi said in the introductory statement to his customary post-decision press conference on Thursday.
“Nevertheless, significant monetary policy stimulus is still needed to support the further build-up of domestic price pressures and headline inflation developments over the medium term.”
Earlier, the ECB Governing maintained its interest rates, asset purchases and forward guidance.
In June, the ECB announced that it hopes to halve its monthly bond purchases to EUR 15 billion after September and to end them in December.
The ECB stands ready to adjust all of its instruments as appropriate to ensure that inflation continues to move towards the Governing Council’s inflation aim in a sustained manner, Draghi added.