Speaking in Berlin

  • The current environment still falls short of a sustained adjustment in the path of inflation towards 2%

  • Ongoing recovery is predicated, to a large extent, on very favourable financing conditions

  • Continued mon pol support is necessary
  • The recovery is not yet sufficiently robust to ensure a self-sustained convergence on inflation to closer to 2%
  • The ups and downs of monthly data are not relevant
  • Underlying inflation dynamics remain subdued

He'll be choosing his words carefully while out and about in Berlin ;-) He's also done taken some time to pat himself (ECB) on the back for all their wonderful policy measures;

"The economy has now posted positive real GDP growth for 14 consecutive quarters. The unemployment rate is back to a single-digit figure. Economic sentiment is at the highest level recorded in almost 6 years. The monetary policy measures the ECB has taken over the past few years have contributed decisively to these positive developments."