October 24, 2019 / 12:44 PM / 21 days ago

Highlights: Draghi comments at ECB press conference

FRANKFURT (Reuters) - The European Central Bank kept its ultra-easy monetary policy unchanged on Thursday, ending Mario Draghi’s eight-year tenure at the bank in exactly the same place he started: trying to prop up a perpetually ailing currency bloc.

European Central Bank (ECB) President Mario Draghi attends a news conference on the outcome of the meeting of the Governing Council, in Frankfurt, Germany, October 24, 2019. REUTERS/Ralph Orlowski

Following are highlights of ECB President Mario Draghi’s comments at a press conference after the bank’s policy meeting.

WEAKER GROWTH MOMENTUM

“While labor cost pressures have strengthened amid tighter labor markets, the weaker growth momentum is delaying their pass-through to inflation.”

PROTRACTED WEAKNESS

“The incoming data since the last Governing Council meeting in early September confirm our previous assessment of a protracted weakness in the euro area growth dynamics, the persistence of prominent downside risk, and muted inflation pressures.”

LATEST STIMULUS IMPACT

“The comprehensive package of our last meeting provides substantial monetary stimulus, which will contribute to a further easing in borrowing conditions for firms and households.”

ALL INSTRUMENTS

“The Governing Council continues to stand ready to adjust all of its instruments as appropriate to ensure that inflation moves toward its aim in a sustained manner in line with its commitment to symmetry.”

HIGHLY ACCOMODATIVE POLICY

“The Governing Council reiterated the need for a highly accommodative stance of monetary policy for a prolonged period of time to support underlying inflation pressures and headline inflation developments over the medium term.”

Reuters news desk

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