mario draghi : imfc statement statement by mr mario draghi, president of the european central bank, at the thirty - third meeting of the international monetary and financial committee, washington dc, 15 april 2016. * * * the euro area economy is continuing on a path of gradual recovery, notwithstanding an external environment characterised by some further deceleration in economic growth and occasional bouts of financial volatility. but the outlook for euro area growth remains faced with uncertainty, mainly as a result of downside risks to growth prospects in emerging market economies, a clouded outlook for oil prices and their economic implications, and also geopolitical risks. given the new risks to the outlook for inflation, as well as the materialisation of some of the existing ones, the governing council of the european central bank has adopted a comprehensive package of monetary policy measures to further ease financing conditions in the euro area, stimulate bank lending and thereby reinforce the momentum of the euro area ’ s economic recovery and accelerate the return of inflation to levels below, but close to, 2 %. in order to reap the full benefits of these monetary policy measures, decisive implementation of structural reforms and greater progress towards sustainable and more growth - friendly public finances is necessary. such a combination of policy actions will not only lead to higher sustainable growth but will also make the euro area more resilient to global shocks. at the same time, this will be the best contribution the euro area can make in terms of promoting strong, sustainable and balanced growth in the world. the cyclical recovery in the euro area is largely supported by developments in private consumption, and more recently also investment. real gdp rose by 0. 3 %, quarter on quarter, in the second half of last year. recent data provide some mixed signals as regards the near - term outlook. while hard data show some improvement in january and february, survey data for the first quarter are consistent with a somewhat weaker growth momentum. nonetheless, the economic recovery in the euro area is projected to proceed at a moderate pace. domestic demand should be further supported by the ecb ’ s monetary policy measures, continued employment gains, the low price of oil and a slightly expansionary fiscal stance. the risks to this growth outlook remain on the downside, however, and relate mainly to the heightened uncertainties regarding developments in the global economy. headline inflation has remained low and its profile continues to be shaped by the path of energy inflation. in addition the recent partial unwinding of the past depreciation

and prices as well as risk factors are to be examined comprehensively. as for the bank ’ s decision on enhancement of monetary easing at this timing, there have been comments, for example, from market participants that “ the bank has followed central banks in the united states and europe. ” each country ’ s central bank has been striving to pursue optimal policy according to each country ’ s economic and financial situation, and does not consider taking policy action following another country ’ s central bank. as long as the economy itself has been interrelated globally, there is a good chance that the economies of countries and regions simultaneously become weaker than expected and, as a result, each country ’ s or region ’ s central bank takes the same kind of response at the same period. as for this time ’ s policy actions, amid a sense of slowdown in the global economy becoming stronger than widely predicted, it appears to be the case that major central banks have examined the situation of each country or region and have respectively chosen responses deemed appropriate. as a policy stance going forward, the bank has clarified its view that “ [ t ] he bank continues to conduct monetary policy in an appropriate manner. the bank will also do its utmost to ensure the stability of japan ’ s financial system, while giving particular attention to developments in global financial markets. ” as has been the case, the bank will examine the outlook for economic activity and prices as well as risk factors, and, when judged necessary, respond decisively and flexibly. comparison with overseas central banks in relation to monetary easing by overseas central banks, we sometimes receive an opinion that “ the bank should pursue bolder monetary easing, like the federal reserve, by purchasing assets without setting a ceiling and a time limit or clarifying the duration for the zero interest rate. ” in that regard, as said before, a central bank strives to choose the most effective policy measure or policy framework based on policy challenges and the financial and economic situation of each country or region. while there are various differences in policy conduct between the bank of japan and the federal reserve, both share the view of doing its utmost as a central bank to achieve respective goal. it might not be desirable to argue which central bank is bolder, based on the difference in specific monetary easing measures. bis central bankers ’ speeches to be somewhat specific, let me point out three things. first, the relationship with policy challenges. the bank, with the recognition that japan ’ s economy is faced with the