ECB not short of instruments to meet mandate, says Draghi

European Central Bank president Mario Drgahi has told his audience at the 25th Frankfurt European Banking Congress that the monetary authority "is not short of instruments to meet its mandate."

As of 08:30 the euro/dollar was lower by 0.50% to 1.0677.

The central bank's aim is not just for consumer price inflation to return to its target of close to but below 2%, rather it wants CPI to stabilise around that level for the medium-term, the central banker said.

Should it become apparent that its stability inflation mandate was not going to be met, then the ECB would do "what we must" to bring inflation higher "as quickly as possible", Draghi told his audience.