The ECB is still confident. That is the message from Mario Draghi’s press conference following the Governing Council meeting: confident in the growth outlook where softer survey data point towards a loss of momentum rather than a downturn; confident in the inflation outlook based on the increase of negotiated wages, increasing labour market tightness and high levels of capacity utilisation; confident as well in the transmission of the accommodative monetary policy, judging by the evolution of credit growth.
