The European Central Bank’s President Mario Draghi says the euro zone’s recovery is gaining momentum and that new stimulus measures will succeed.
It comes amid criticism that the bank’s quantitative easing programme will not be enough to trigger growth.
“We are aware that our measures may entail some financial stability risks but survey evidence points to further improvements in economic activity at the beginning of this year so that the economic recovery should gradually broaden and hopefully strengthen,” Draghi told a conference in Frankfurt.
Recent economic indicators have been encouraging with the eurozone seemingly benefiting from low oil prices and a falling euro. Retail sales were particularly strong at the start of the year.
The ECB is using newly printed money to buy government and corporate bonds. That is intended to raise inflation by increasing the quantity of money in the economy, lower bond-market borrowing rates, and spur growth and employment. The bond purchases are set to run through September, 2016.
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