Draghi Says ECB To Use All Available Tools When Needed

(RTTNews) - Stimulus measures adopted thus far has worked and the monetary policy transmission across the euro area has improved, yet policymakers stand ready to deploy all measures at their disposal to defend growth and bring inflation back to the 2 percent target, European Central Bank President Mario Draghi said Friday.

"Our very accommodative monetary policy stance provides the impetus that is necessary for the euro area recovery to strengthen and for inflation to gradually return to levels that we consider consistent with our objective," Draghi said in his statement presented at the International Monetary and Financial Committee meeting being held in Washington.

"Looking forward, we will preserve the very substantial amount of monetary support that is necessary to secure a return of inflation rates towards levels that are below, but close to, 2% without undue delay. If warranted, we will act by using all the instruments available within our mandate."

Despite the resilient Eurozone recovery, the prospects for euro area growth remain moderate mainly due to subdued foreign demand, the political and economic uncertainties and the sluggish implementation of structural reforms, he said.

"A balanced three-pronged policy approach with a particular focus on structural reforms must be pursued with determination in order to lift long-term growth prospects, dispel feelings of economic insecurity and lay the foundations for a better and fairer life for citizens everywhere," Draghi said.

"The ECB will continue to play its part by delivering on its mandate."