ECB announced its readiness to mitigate the monetary policy, in the case of new, clear risks for the economy

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Today, speaking at a conference in Frankfurt, chief ECB economist, Peter Prat, said — «In the case of the emergence of new negative shocks, the European Central Bank’s measures (ECB) can be reconfigured in accordance with the magnitude of the problem, as well as the possible side effects.» According to him, the measures taken by the ECB before the March meeting, have already provided considerable support to economic growth and inflation. As previously reported, on 10 March, the ECB has lowered all three interest rates, and increased the amount of the monthly purchase of assets within the framework of the quantitative easing program, with 60 billion euros to 80 billion euros, and announced a series of additional stimulus measures. «If inflation remains low, it is not because that ECB policy is ineffective, but because the economy is faced with new shocks — sure Prat -. In this regard, the extension of incentives was reasonable response to the strengthening of issues.» Consumer prices in the euro area in March fell by 0.1% in annual terms, and this dynamic is negative for two consecutive months. Recall that inflation in the euro area is below the target level of 2% within three years. And this is after the fact that the ECB has already sent more than 1.7 billion euros for quantitative easing. The ECB, in addition, does not expect to return inflation to the target level before the end of 2018. ECB Vice President Vitor Constancio, speaking on Thursday in the European Parliament, said that the central bank is ready to do «whatever it takes» to bring inflation back to the target. At the same time, Mario Draghi, head of the European Central Bank in the introduction to the annual report of the ECB wrote that the central bank is not going to capitulate in the face of low inflation. «We are faced with the uncertainty of the global economic outlook, — said Mario Draghi -. We are faced with the ongoing deflationary pressures, as well as issues related to the direction of the European economy and its flexibility in terms of new shocks. In this situation, commitment to fulfilling our mandate is the support for the confidence of Europeans. » After these statements by representatives of the ECB, the euro against the US dollar fell to $ 1.1398 today.

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