Draghi: The firm economic recovery still needs to translate more convincingly to inflation

Draghi comments:

  • The economic expansion is now firm and broad based
  • Ongoing recovery is driven by domestic forces and the labor market has improved
  • Very substantial level of accommodation needed
  • Need to be patient and persistent
  • We are seeing a smooth transmission of our single monetary policy
  • The recent volatility in the exchange rate represents a source of uncertainty which requires monitoring
  • We are becoming more confident that inflation will eventually head to levels in line with our inflation aim

The euro ticked lower on these headlines but there are some definite hawkish notes here.

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