THE HAGUE May 10 It is too early for the
European Central Bank to declare victory in its quest to raise
inflation in the euro zone to its target of almost 2 percent,
ECB President Mario Draghi said on Thursday.
"Incoming data confirm that the cyclical recovery of the
euro area economy is becoming increasingly solid and that
downside risks have further diminished," he told a hearing of
the Dutch parliament.
"Nevertheless, it is too early to declare success.
Underlying inflation pressures continue to remain subdued and
have yet to show a convincing upward trend."
He added the benefits of the ECB's ultra-easy policy
"clearly outweigh" its potential side effects.
(Reporting By Balazs Koranyi; Writing by Francesco Canepa and
Andreas Framke in Frankfurt)