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Draghi’s Right to Keep His Foot on the Gas

Giugliano, Ferdinando, (2017), “Draghi’s Right to Keep His Foot on the Gas”, Bloomberg View, 28 Απριλίου

Since becoming president of the European Central Bank, Mario Draghi has rarely looked as relaxed as he did in Thursday’s press conference. It’s not hard to see why: The euro-zone economy is gathering speed, confidence is soaring, and unemployment is tumbling. The recovery is also spreading across the region, reducing the risk that some countries may need a different kind of monetary policy from others. With all this good news, shouldn’t the ECB be moving to withdraw its unprecedented stimulus? Actually, no — not yet. The central bank’s mandate is to keep inflation just below 2 percent over the medium term. That target, together with risks in the economic outlook, fully justifies the current policy.

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