ECB reiterates commitment to beating low inflation

(ANSA) - Frankfurt, October 9 - 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.