FRANKFURT, Germany
The recently-launched stimulus program to boost the eurozone recovery is showing signs of success, European Central Bank (ECB) President Mario Draghi said on Wednesday.
“There is clear evidence that the monetary policy measures we have put in place are effective,” he told a press conference at the bank’s headquarters in Frankfurt following a brief interruption by a protester.
He added: “The latest economic indicators suggest that the euro area economy has gained further momentum since the end of 2014. Looking ahead, we expect the economic recovery to broaden and strengthen gradually.”
Last month, the ECB’s launched a 1 trillion euro ($1.06 trillion) bond-purchasing scheme, known as quantitative easing, to boost the eurozone’s recovery.
Draghi said: “Purchases are intended to run until the end of September 2016 and, in any case, until we see a sustained adjustment in the path of inflation that is consistent with our aim of achieving inflation rates below, but close to, 2 percent over the medium term.”
The bank has also pumped 60 billion euros into the economies of the eurozone’s 19 members. Draghi also promised to continue assisting Greek banks.
Earlier, the ECB left its key interest rates unchanged in a decision widely expected by economists.
The main lending rate was unchanged at 0.05 percent and interest rates on the marginal lending facility remained at 0.30 percent.
The rate on its overnight deposit was kept at negative 0.20 percent, which means banks pay to store excess funds with the ECB.
Separately, lending in the eurozone saw a significant improvement in the first quarter thanks to an asset-buying program, according to an ECB survey on Tuesday.
