ECB's Praet: Continued monetary policy support is necessary

ECB's Executive Board member Peter Praet was on the wires last minutes, via Reuters, stating that the current environment still falls short of a sustained adjustment in the path of inflation to levels closer to 2%

Key headlines (via Reuters):

• It will take time for inflation to stabilise around levels consistent with our price stability objective.
• The ongoing economic recovery is still predicated to a large extent on very favourable financing conditions
• The firming recovery is not yet sufficiently robust to ensure a self-sustained convergence of inflation rates to levels closer to 2%
• This takes time, and it requires determination and patience.
• ECB will continue to adhere to its monetary policy strategy, that is look through transitory changes in inflation
• The ups and downs of monthly data are not relevant
• Underlying inflation dynamics remain subdued, and risks and uncertainties still prevail, especially those related to the geopolitical environment