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Draghi Says ECB Can't Yet Declare Victory in Inflation Fight

  • Euro-area economy is expanding significantly above potential
  • ECB president speaks at European Parliament in Strasbourg
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ECB President Mario Draghi delivers the central bank’s annual report to the European Parliament in Strasbourg. (Source: Bloomberg)
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Mario Draghi said that the European Central Bank still can’t claim success in its struggle to restore inflation, and defended its policies from complaints that they widen inequalities.

“While our confidence that inflation will converge toward our aim of below, but close to, 2 percent has strengthened, we cannot yet declare victory on this front,” the ECB president said at European Parliament hearing in Strasbourg on Monday. “Monetary policy will evolve in a fully data-dependent and time-consistent manner.”