Draghi speech: Monetary policy measures put in place in recent years have proven to be effective

Key highlights from the speech by Mario Draghi, President of the ECB, at the First Conference on Financial Stability organised by the Banco de España and Centro de Estudios Monetarios y Financieros, Madrid, 24 May 2017:

• The breadth of our monetary policy measures and the length of the time they are in place are necessary for achieving our objective of price stability
• Today we have a suitable – and active – macroprudential framework to address potential negative side effects
• When we introduced unconventional policy instruments in order to secure a return of inflation towards our objective, we were aware that those new instruments could result in somewhat more pronounced side effects than conventional instruments
• These side effects have remained contained, but we take them into account in the formulation of our policy, in the sense that we try to minimise them, without prejudice to our ability to achieve our objective.
• Our current assessment of the side effects suggest therefore that there is no reason to deviate from the indications we have been consistently providing in the introductory statement to our press conferences
• Our monetary policy actions in pursuing our mandate will benefit from the completion of the banking union