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‘We will act by using all the instruments available within our mandate’ – ECB’s Draghi

FXStreet (Mumbai) - The European Central Bank (ECB) President Mario Draghi is delivering a key note speech at the Euro Finance Week, in Frankfurt noting that the central bank policy measures have worked so far and reiterates that the Governing Council will re-examine downside risks that are slowing the return of inflation towards 2% at its Dec 3 gathering.

Key Quotes:

‘ECB’s monetary policy measures have clearly worked’
‘Growth momentum remains weak and inflation remains well below our objective of below but close to 2 pct’

‘We cannot say with confidence that the process of economic repair in the Euro area is complete’

‘At the December governing Council meeting we will thoroughly assess the strength and persistence of the factors that are slowing the return of inflation towards 2%’

‘We conclude that the balance of risks to our medium-term price stability objective is skewed to the downside, we will act by using all the instruments available within our mandate’

‘If we decide that the current trajectory of our policy is not sufficient to achieve our objective, we will do what we must to raise inflation as quickly’

‘We consider the asset purchase programme to be a powerful and flexible instrument’

‘It can be adjusted in terms of size, composition or duration to achieve a more expansionary stance’

‘In making our assessment of the risks to price stability, we will not ignore the fact that inflation has already been low for some time’

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