The eurozone's economic recovery is "solid and broad-based," but the region still needs an "ample" dose of monetary stimulus because inflation remains too weak, European Central Bank president Mario Draghi told European lawmakers Monday.
Speaking at the European Parliament in Brussels, Mr. Draghi warned that inflation had "yet to show convincing signs of a self-sustained upward trend," despite the improved outlook for economic growth.
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Eurozone inflation was 1.4% in October and is expected to temporarily decline towards the turn of the year, mainly due to weaker energy prices on a year-on-year comparison, Mr. Draghi said. The ECB aims to keep inflation just below 2%.
"The improvements in labor markets that we have observed still need time to translate into more dynamic wage growth," Mr. Draghi said.
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(END) Dow Jones Newswires
November 20, 2017 09:39 ET (14:39 GMT)