ECB's Praet: downside risks to growth outlook has diminished

Speaking at the Belgian Financial Forum colloquium on “The low interest rate environment” in Brussels, ECB's Executive Board Member Peter Praet was noted saying that the cyclical recovery of the euro area economy is becoming increasingly solid and downside risks to the growth outlook have further diminished.

Key quotes: 

   •  insufficient progress towards a sustained adjustment in the path of inflation towards 2% target
   •  exceptional monetary policy accommodation still needed to support a durable and self-sustaining inflation convergence
   •  any change in the policy stance should be gradual
   •  not yet clear at which point can policy stimulus be withdrawn to keep that uutput gap path