The European Central Bank’s chief economist Philip Lane has defended the monetary stimulus package the central bank launched last week, stressing that it stood ready to cut interest rates even further into negative territory if needed.
The ECB’s latest stimulus efforts, announced last week, have attracted fierce criticism and opened deep divisions within the institution’s top ranks only weeks before Mario Draghi is due to hand over as its president to Christine Lagarde. The criticism has been so intense in Germany that economists there are now asking if it has gone too far.
Mr Lane said the ECB would do “whatever it takes to hit our inflation target”, adding that its mandate to do so was “unconditional” and its commitment was “unwavering”.
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