The European Central Bank
(ECB) remains committed to using "additional unconventional
instruments within its mandate" to combat ongoing low inflation
across the eurozone, according to its October monthly bulletin
published Thursday.
The unspecified measures would help return rates to levels
closer to the stated aim of below, but close to, 2%, the ECB
said.
Survey data updated to September showed a weakening in
growth momentum in the eurozone, while remaining consistent with
a modest economic expansion in the second half of the year,
according to the bulletin.
The bank added that the outlook for a moderate recovery in
2015 remained "in place" provided governments took the necessary
monetary policy measures and continued to pursue improvements in
financial conditions, fiscal consolidation and structural
reforms.
"The risks surrounding the economic outlook for the euro
area remained on the downside," the bulletin read.
"In particular, the recent weakening in the euro area's
growth momentum, alongside heightened geopolitical risks, could
dampen confidence and, in particular, private investment," it
continued.
"In addition, insufficient progress in structural reforms
in euro area countries constitutes a key downward risk to the
economic outlook," the report said.
Economic confidence fell across the eurozone between May
and September, with Italy, Germany and France showing the
biggest drop according to the ECB's Economic Sentiment
Indicator.
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