mario draghi : ecb press conference - introductory statement introductory statement by mr mario draghi, president of the european central bank, and mr vitor constancio, vice - president of the european central bank, frankfurt am main, 25 january 2018. * * * ladies and gentlemen, first of all let me wish you a happy new year. the vice - president and i are very pleased to welcome you to our press conference. we will now report on the outcome of today ’ s meeting of the governing council, which was also attended by the commission vicepresident, mr dombrovskis. based on our regular economic and monetary analyses, we decided to keep the key ecb interest rates unchanged. we continue to expect them to remain at their present levels for an extended period of time, and well past the horizon of our net asset purchases. regarding non - standard monetary policy measures, we confirm that our net asset purchases, at the new monthly pace of €30 billion, are intended to run until the end of september 2018, or beyond, if necessary, and in any case until the governing council sees a sustained adjustment in the path of inflation consistent with its inflation aim. if the outlook becomes less favourable, or if financial conditions become inconsistent with further progress towards a sustained adjustment in the path of inflation, we stand ready to increase the asset purchase programme ( app ) in terms of size and / or duration. the eurosystem will reinvest the principal payments from maturing securities purchased under the app for an extended period of time after the end of its net asset purchases, and in any case for as long as necessary. this will contribute both to favourable liquidity conditions and to an appropriate monetary policy stance. incoming information confirms a robust pace of economic expansion, which accelerated more than expected in the second half of 2017. the strong cyclical momentum, the ongoing reduction of economic slack and increasing capacity utilisation strengthen further our confidence that inflation will converge towards our inflation aim of below, but close to, 2 %. at the same time, domestic price pressures remain muted overall and have yet to show convincing signs of a sustained upward trend. against this background, the recent volatility in the exchange rate represents a source of uncertainty which requires monitoring with regard to its possible implications for the medium - term outlook for price stability. overall, an ample degree of monetary stimulus remains necessary for underlying inflation pressures to continue to build up and support headline inflation developments over the medium term. this continued

the collective actions of governments, policymakers and economic and financial agents, including those of us in this room today. in my remarks this morning, i will discuss the role of financial integration as both a key enabler and an outcome of the aec. i will talk about where we are in this process and some of the priorities for policy frameworks as well as for the management of risks by financial institutions as we move forward. this, i hope, will provide useful inputs for your deliberation and discussion in this conference. the case for greater financial integration asean is home to more than 600 million people and if considered as a single entity, would represent the sixth largest economy in the world with a combined gdp of usd2. 5 trillion. according to the oecd, the region is projected to sustain an average annual growth of 5. 6 % bis central bankers ’ speeches over the next four years and is expected to be the fourth largest trading bloc by 2050. concurrently, the standards of living among the general populace will continue to improve. household purchasing power has risen significantly over the last decade, transforming the region into a thriving hub of consumer demand. the size of asean ’ s consuming class is expected to double from 81 million to 163 million by 2030. by 2020, asia is estimated to account for more than half of the total global middle class population, with asean representing more than usd2 trillion of additional consumption within the region. also, as the sources of economic growth become increasingly domestic - based, this enables many economies to diversify their sources of growth. an important development is the significant increase in intra - regional trade. these developments augur well for the region and would expand domestic demand and further fuel greater intra - regional trade among asean member countries. the promise of higher living standards and employment is also drawing large numbers of people from the countryside to cities. today, just over a third of asean ’ s population are living in urban areas. this is expected to rise to 45 % by 2030. integrating national financial systems within the region is key to unlocking asean ’ s enormous economic growth potential. as a critical component of the aec, financial integration will significantly enhance the efficiency and effectiveness of intermediation and allocation of resources. this is crucial as the region pursues greater economic prosperity that is both inclusive and sustainable. by allowing the region ’ s financial resources to move more freely across borders, financial integration will open up new opportunities for businesses and trade, enhancing further financial link