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Draghi may enact stimulus after June

Thursday, May 08 14:09:22

The European Central Bank may consider fresh monetary policy measures at its June meeting following publication of updated economic forecasts by the bank's staff, ECB President Mario Draghi said today.

"At the end of (today's) discussion I would say that the Governing Council is comfortable with acting next time but before we want to see the staff projections that will come out in early June," Draghi told a news conference after the ECB decided to keep its interest rates unchanged at 0.25 percent.

Mr Draghi added that hat continual calls from institutions and countries for the bank to take action risked undermining the ECB's credibility.

At a news conference after the ECB decided to keep its interest rates unchanged at 0.25 percent, Draghi was asked about calls for the ECB to do something to boost the economy and fight deflationary pressures.

"Over the last few day we received plenty of advice from political figures (and) from institutions on almost everything ... so we are certainly thankful for this advice," he said.

"But you know by the treaty we are independent so people should be aware that if this might be seen as a threat to our independence it could cause long-term damage to our credibility."

The International Monetary Fund, Organisation for Economic Cooperation and Development, and some French politicians have been pushing the ECB to take more actions.

He also said that the euro zone's moderate recovery is continuing and inflationary pressures are subdued.

"Incoming information continues to underline that the moderate recovery of the euro zone economy is proceeding," Draghi told a news conference after the ECB decided to keep its interest rates unchanged at 0.25 percent.