«The ECB does not intend to change its monetary policy stance. We will maintain our plan and if necessary we will revise it upwards. Mario Draghi confirms that the Quantitative Easing plan launched by the ECB will continue as planned at a rate of 60 billion a month until September 2016 and, if needed, even beyond. Also, the European Central Bank has revised upwards its forecasts for price developments in the Eurozone for 2015. Now the Eurotower estimates a cost of living of 0,3% on year, against the zero change announced three months ago. The president announced it Mario Draghi in the press conference at the end of the Governing Council of the ECB which confirmed the reference rate at the historic low of 0,05% in the early afternoon.
The central institute also confirmed the inflation estimates for 2016 and 2017respectively at +1,5 and +1,8%. In two years, therefore, the currency area should reach the objective of an inflation rate "lower but close to 2%", i.e. the target set by the ECB itself, which - statute in hand - has as its first mandate precisely the protection of price stability.
Rising inflation was the number one goal of the quantitative easing launched in March of this year and destined to end in September 2016, assuming that the price trend is satisfactory.
Secondo Draghi, the "full implementation" of the expansionary measures put in place by the ECB "will ensure the necessary support for the economy" and will lead to a return of inflation close to the target values.
As it regards instead economic growth, the ECB essentially confirmed its forecasts for the euro area: +1,5% in 2015, +1,9% in 2016 and +2% on 2017. The estimate for 2017 is one decimal lower than in three months does.
Draghi admitted that in recent months it has occurred “a modest loss of momentum” of the economic recovery of Euroland, but he also stressed that “this filing is mainly due to slowdowns in economies outside the euro area. Surveys show that domestic demand in the area remains solid”.
On the Greek side, “the Governing Council of the ECB wants the Greece remains in the euro - added Draghi -, but we need a strong agreement that produces growth and equity, and that is sustainable".
