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Mario Draghi warns over ‘negative spiral’ of low inflation

by Roland Gribben, The Telegraph:

The head of the European Central Bank warned over the risks of persistently low inflation on Monday amid speculation of further interest rates cuts to avert possible deflation.

Mario Draghi, president of the ECB, said the bank remained “alert” about whether further action was needed to reduce the risk of deflation because the eurozone is continuing to undershoot its 2pc inflation target rate.

“At present, our expectation is that low inflation will be prolonged but gradually return to close to 2pc,” Mr Draghi told a central banking forum organised by the ECB in Sintra, Portugal. “Our responsibility is nonetheless to be alert to the risks to this scenario that might emerge and prepared for action if they do.

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