Off The Wire
ECB's Praet says confident in inflation recovery
FRANKFURT (Reuters) - A benign economic outlook for the euro zone is underpinning the European Central Bank’s confidence that inflation in the bloc will converge with its target, the ECB’s chief economist said on Monday.
“Our monetary policy measures are bearing fruit, and the growth outlook confirms our confidence that inflation will converge towards our aim of below, but close to, 2 percent over the medium term,” Peter Praet told an audience at the Spanish central bank in Madrid.
He reaffirmed that “an ample degree of monetary stimulus” is needed and the ECB must remain “patient, persistent and prudent” with its ultra-easy monetary policy.
Reporting By Francesco Canepa; Editing by Balazs Koranyi