October 26, 2017 / 12:43 PM / 2 months ago

HIGHLIGHTS-Draghi comments at ECB press conference

FRANKFURT, Oct 26 (Reuters) - The European Central Bank, taking its biggest step yet in weaning the euro zone off years of stimulus, announced on Thursday it was cutting its monthly bond buying, but hedging its bets, also extended the programme’s lifespan.

Following are highlights of ECB President Mario Draghi’s comments at a post-policy meeting press conference.

GROWING INFLATION CONFIDENCE

“The recalibration of our asset purchases reflects growing confidence in the gradual convergence of inflation rates towards our ... aim on account of the increasingly robust and broad-based economic expansion, an uptick in measures of underlying inflation, and the continued effective pass-through of our policy measures to the financing conditions of the real economy.”

VERY SUBSTANTIAL ACCOMMODATION

“Today’s monetary policy decisions were taken to preserve the very favourable financing conditions that are still needed for a sustained return of inflation rates towards (target).” (EMEA News Desk)

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