July 26, 2018 / 12:36 PM / 5 months ago

HIGHLIGHTS-Draghi comments at ECB press conference

FRANKFURT, July 26 (Reuters) - The European Central Bank kept its policy unchanged on Thursday and said it still plans to wrap up its lavish bond purchases by the end of the year and sees interest rates at record lows through the summer of 2019.

Following are highlights of ECB President Mario Draghi’s comments at a press conference after the bank’s policy meeting.

STRUCTURAL REFORMS NEEDED

“The implementation of structural reforms in euro area countries needs to be substantially stepped up to increase resilience, reduce structural unemployment, and boost euro area productivity and growth potential.”

INFLATION UNCERTAINTY RECEDING

“Uncertainty around the inflation outlook is receding. Looking ahead, underlying inflation is expected to pick up towards the end of the year and thereafter to increase gradually over the medium term, supported by our monetary policy measures, the continuing economic expansion, the corresponding absorption of economic slack, and rising wage growth.”

SOLID, BROAD-BASED GROWTH

“While uncertainties, notably related to the global trade environment, remain prominent, the information available since our last monetary policy meeting indicates that the euro area economy is proceeding along a solid and broad-based growth path.”

INFLATION CONVERGENCE AHEAD

“The underlying strength of the economy confirms our confidence that the sustained convergence of inflation to our aim will continue in the period ahead and will be maintained even after a gradual winding down of our net asset purchases.”

EMEA news desk

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