ECB's Draghi: euro area recovery expected to continue at moderate and steady pace, but slightly less momentum than thought in June - comments to European Parliament
- incoming information continues to point to Euro Area economy being resilient to global and political uncertainty, notably after the Brexit vote
- overall projections indicate that accommodative mo po stance will continue to provide effective support to cyclical recovery and upward path in inflation
- low interest rate environment has range of implications for economic actors that need to be carefully monitored
- annual inflation expected to be 0.2% this year and to increase to 1.2% in 2017 as the impact of past oil price falls unwinds
- borrowing conditions for households and firms have eased considerably and credit creation has strengthened, thus supporting aggregate spending across the euro area
- CSPP is benefiting not only the large companies, which can directly access the bond market, but also smaller companies
- widespread feelings of insecurity, including economic insecurity, remain a major concern