“Remarkable progress” has been made in Italy and "I think his government should be encouraged for its impressive rehabilitation record." The president of the ECB, Mario Draghi, praised his country of origin during the press conference that followed the last meeting of the Governing Council of the central institute held in Barcelona. As for the general perspectives, the Frankfurt board, who left today interest rates at an all-time low of 1%. in the eurozone, he believes still "premature any exit strategy" from extraordinary anti-crisis measures.
The latest surveys on economic activity in the euro area “have highlighted prevailing uncertainties” for the next few months, Draghi underlined, specifying that in general “the indicators remain consistent” with the evaluation of “a stabilization of activity at low levels“. However, the ECB continues to wait a gradual recovery, which should start "in the course of the year".
The Central European Institute continues to expect inflation above 2% for 2012, but there will subsequently be adjustments in line with the medium-term objectives. "The set of risks remains mainly balanced", Draghi explained again, warning that the Governing Council will monitor the rises in oil and raw material prices, so that "second-level effects" involving wage dynamics do not occur.
Among the structural reforms that individual governments will have to put in place to reactivate growth, "it is crucial" the simplification of business activities, together with the creation of new companies and jobs.
In particular, with regard to the labor market, interventions are needed that guarantee "more flexibility, mobility and equity", because at the moment the situation is "unbalanced" to the detriment of young people, concluded Draghi.
