Draghi’s speech: significant monetary accommodation still needed

Continuing with his introductory speech at the ECB Forum on Central Banking, in Portugal, the ECB President Mario Draghi was further noted saying that there is growing evidence that broad-based economic growth is beginning to generate positive pricing dynamics.

Additional quotes:

   •  Downside risks to global economy include increased protectionism threats.
   •  Also includes rising oil prices on geopolitics and persistent heightened market volatility.
   •  Upside risks include fiscal expansion in the US.
   •  'Significant' monetary accommodation still needed.
   •  ECB to be patient in determining timing of first rate hike.
   •  ECB to take gradual approach after first rate increase.
   •  Market-implied rate path broadly reflects ECB's intention.
   •  ECB confidence in path of inflation is rising.