European Central Bank President: Ready to Use Any Policy Tools Necessary to Hit Inflation Target

European Central Bank President Mario Draghi said on Thursday that the central bank stands ready to use all policy tools, when necessary, as it sees inflation below its target of about 2 percent in the next two years.

Speaking at the post-meeting press conference in Frankfurt, Draghi said, "We may experience a prolonged period of low inflation, to be followed by a gradual upward movement towards inflation rates below, but close to, 2% later on."

"We are monitoring developments closely and are ready to consider all available instruments," he said.

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