The ECB short-timer is speaking at the European Parliament
- ECB’s primary aim is price stability
- Hasn’t been easy to anchor inflation expectations
- Medium-term inflation expectations remain stable
- Separation of standard and non-standard measures allows ECB to keep price stability even in deep crisis
- Nothing I say has bearing on next policy meeting
- Risks to economic growth outlook to the downside, risks to inflation broadly balanced
- Moderate growth seen in second half
- Liquidity ample but it may be being hoarded
