September 13, 2018 / 12:45 PM / 3 months ago

Highlights: Draghi comments at ECB press conference

FRANKFURT (Reuters) - The European Central Bank kept policy unchanged as expected on Thursday, staying on track to end bond purchases this year and raise interest rates next autumn, even as protectionist moves around the globe drag on growth.

European Central Bank (ECB) President Mario Draghi attends the news conference following the governing council's interest rate decision at the ECB headquarters in Frankfurt, Germany, September 13, 2018. REUTERS/Kai Pfaffenbach

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

INFLATION PICK-UP

Looking ahead, underlying inflation is expected to pick up towards the end of the year and thereafter to increase gradually over the medium term.

INFLATION OUTLOOK

Uncertainty around the inflation outlook is receding.

MUTED UNDERLYING INFLATION

While measures of underlying inflation remain generally muted, they have been increasing from earlier lows.

GROWTH RISKS

The risks surrounding the euro area growth outlook can still be assessed as broadly balanced.

ECB STANDS READY TO ACT

The Governing Council stands ready to adjust all of its instruments as appropriate to ensure that inflation continues to move towards the Governing Council’s inflation aim in a sustained manner.

PROTECTIONISM

Uncertainties relating to rising protectionism, vulnerabilities in emerging markets, and financial market volatility have gained more prominence recently.

SIGNIFICANT STIMULUS NEEDED

Significant monetary policy stimulus is still needed to support the further buildup of domestic price pressures and headline inflation developments over the medium term.

INFLATION AIM

The underlying strength of the economy continues to support our confidence that the sustained convergence of inflation to our aim will proceed and will be maintained even after a gradual winding down of our net asset purchases.

BROAD-BASED EXPANSION

The incoming information, including our new September 2018 staff projections, broadly confirms our previous assessment of an ongoing broad-based expansion of the euro area economy and gradually rising inflation.

EMEA News Desk

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