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ECB's chief economist calls for "steady hand" on easy policy

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ECB's chief economist calls for "steady hand" on easy policy

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FRANKFURT (Reuters) – The European Central Bank’s chief economist renewed his call on Wednesday for a “steady hand” in conducting the ECB’s ultra-easy monetary policy despite a positive growth outlook. “The baseline scenario for inflation going forward remains crucially contingent on very easy financing conditions which, to a large extent, depend on the current accommodative monetary policy stance,” Peter Praet said at an event in Frankfurt “Therefore, maintaining a steady hand continues to be critical to fostering a durable convergence of inflation towards our monetary policy objective.” The ECB is due to decide on the future of its 2.3 trillion euros (£2.08 trillion) bond-buying scheme in the coming weeks and sources have told Reuters policymakers agreed last week on cutting it from next year. But policymakers also agreed that even if stimulus is curbed, easy monetary policy will continue for a long time and normalisation would be gradual.

(Reporting By Francesco Canepa)
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