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ECB's Draghi repeats new QE tools could be used if inflation target threatened

FXStreet (Łódź) - Speaking at the euro Conference in Vilnius, Lithuania ECB president Mario Draghi suggested that the central bank was ready to implement additional unconventional policy instruments, should the 2% inflation target be threatened. The euro dropped to a new 14-month low on the news.

"We are ready to alter the size or composition of our unconventional interventions," Draghi said.
The ECB head suggested that the Eurozone should exhibit modest growth in the second quarter of the year, despite the weaker than expected economic conditions.

He urged EU Member States to continue implementing structural reforms in order not to unwind the progress made in fiscal consolidation. Fiscal policies should be aimed at boosting growth, he stressed.

Furthermore Draghi said that Lithuania's decision to adopt the euro suggests the currency is attractive. Belonging to the euro area can offer stability amid geopolitical tensions, he added.
Lithuania will join the euro area on 1 January 2015.

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