September 22, 2014 / 1:40 PM / 5 years ago

ECB's Draghi says ready to use more unconventional tools

BRUSSELS, Sept 22 (Reuters) - The European Central Bank stands ready to use additional unconventional tools to spur inflation and growth in the euro zone, ECB President Mario Draghi said on Monday.

Speaking to the economic and monetary affairs committee of the European parliament, Draghi said the euro zone central bank’s Governing Council “remains fully determined to counter risks to the medium-term outlook for inflation”.

“Therefore, we stand ready to use additional unconventional instruments within our mandate, and alter the size and/or the composition of our unconventional interventions should it become necessary to further address risks of a too prolonged period of low inflation,” Draghi said.

Lower than expected demand last week for the ECB’s first offering of new long-term loans to banks, part of a stimulus programme aimed increasing lending to companies within the bloc, has raised expectations the ECB will eventually have to undertake asset purchases with new money or quantitative easing. (Editing by Catherine Evans)

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