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ECB Monthly Report: ECB ready to take further measures if necessary

FXStreet (Łódź) - The ECB October Monthly Report reiterated the Governing Council's decisions taken at the policy meeting at the beginning of the month and the details of the covered bonds and asset-backed securities purchase programs announced in September.

The new measures should help push inflation towards the ECB's target of 2%, but if it stays for too long at low levels the Governing Council is prepared to act again, " using additional unconventional instruments within its mandate."

The ECB expects the Eurozone economic growth momentum, currently weakened, to gain pace in the second half of the year with domestic demand as well as demand for exports improving. The recovery could however be hindered by "high unemployment, sizeable unutilised capacity, continued negative bank loan growth to the private sector, and the necessary balance sheet adjustments in the public and private sectors." Downside risks also include an increase in geopolitical tensions and insufficient efforts of EU national governments in implementing structural reforms.

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