President of the European Central Bank said that currently it is a world pressure that weakens inflation. In this context, the ECB will not sit on the sidelines - "We will develop a plan for fighting the deflationary risks".
In his speech at the conference in Frankfurt, Mr Draghi said that only concerted action by all the central banks of Europe will bring the most effective results. "It is extremely necessary that all central banks are working within their mandates and carry out their direct duties", - he emphasized. The head of the main European regulator also considers that some of the moves in the world economy are pushing inflation down at this moment, but sooner or later all must end. "Despite the fact that these inverse movements are preventing the increase in the rate of achieving the target values, this task will be executed, simply for more time. Currently there are no reasons for which the opposing forces will continue to hold stable low inflation on a regular basis", - M.Dragi continues his thought. Then the head of the European Central Bank raised the issue of monetary policy and said that it still aimed at the maintaining price stability in medium terms, despite the prolonged global crisis.
Preliminary data from the EU statistics department reported that consumer prices in the euro area in January rose by 0.4% year on year. Today, inflation in the euro area is below the required level of the ECB, which is more than two years - 2%. And this is despite the reduction of interest rates to the lowest possible levels, as well as program of quantitative easing.