ECB's Draghi defends policy tools and says it has further room to act
European Central Bank President Mario Draghi tried to reassure market players about the bank's ability to act amid growing doubts on the real effect of monetary policy if a new recession were to materialize.
European Central Bank President Mario Draghi arrives for the European Council Summit in Brussels, Belgium, on March 22, 2019.defended the tools that the organization has available on Tuesday, saying that it could cut interest rates again or provide furtherSpeaking at the ECB Forum in Sintra, Portugal, Draghi tried to reassure market players about the bank's ability to act amid growing doubts on the real effect of monetary policy if a new recession were to materialize.
At the same conference, which began Monday, different policymakers and ECB-watchers raised concerns about the bank's toolkit. "I am nearly sure that the ECB cannot by itself, at this point, fight a recession ... It will need help, it is fairly obvious," Olivier Blanchard, former chief economist at the International Monetary Fund told CNBC's Annette Weisbach in Sintra.
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