ECB expanded policy tools to meet the mandate – Draghi

FXStreet (Mumbai) - The European Central Bank (ECB) President Mario Draghi, during his speech in Frankfurt today, said the bank expanded its policy tools to meet the mandate, further stating that the governing council confirmed the validity of the asset purchases as a tool.

On asset purchases, Draghi said they are unconventional, not unorthodox. He also said the bank can and will stabilize inflation and that market-based expectations of inflation have improved. The stimulus has been effective, transmission improved, said Draghi, while adding further that forward guidance could not be credibly irresponsible.