The quantitative easing launched by the ECB in March is going well and "continues to have a favorable impact on the cost and availability of credit for businesses and households", but fears about growth prospects in emerging countries are creating risks for the outlook of growth and inflation. The president of the European Central Bank, Mario Draghi, said so yesterday in Frankfurt.
“In this context – he added -, the degree of monetary policy support will have to be reviewed in December by the Governing Council”, which is “ready to act using all the tools it can use in compliance with its mandate to maintain an appropriate level of monetary support ”.
As for the responsibilities of the ECB, “we will respect our mandate to protect price stability – concluded Draghi – as we are obliged to do by our treaty. However, it is up to each individual country to lay the foundations for making their economies work better and it is up to the eurozone to strengthen the institutional architecture of the union”.
