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![Will the latest dismal data on the eurozone's deflation prompt an increase in the ECB's quantitative easing? Draghi believes this could happen in December [Xinhua]](http://thebricspost.com/wp-content/uploads/2015/10/239526947_8-e1444056806767.jpg)
Will the latest dismal data on the eurozone’s deflation prompt an increase in the ECB’s quantitative easing? Draghi believes this could happen in December [Xinhua]
If we decide that the current trajectory of our policy is not sufficient to achieve our objective, we will do what we must to raise inflation as quickly as possible. That is what our price stability mandate requires of us,” Draghi said according to his speech made public on the ECB website.
He said a final decision could be made as early as December 3 when the Central Bank convenes.
There have been calls for Draghi to fulfill his pledge to increase quantitative easing if market data proves that monetary policy is not working fast enough to pull the continent out of deflation and toward stable economic growth.
The European Union’s statistics bureau Eurostat said that inflation in the 19-member eurozone was 0.1 per cent in October, up from -0.1 per cent in September. It stood at 0.4 per cent in October 2014.
The latest figures – in addition to falling consumer confidence in the Eurozone – could put pressure on the ECB to increase its quantitative easing stimulus program which began last March.
Draghi had also pledged when the stimulus program kicked off in March that he would consider extending it beyond its September 2016 deadline.
On Friday in Frankfurt, Draghi said that the growth outlook for emerging markets had fallen short of expectations and said that global economic growth would be the lowest in six years.
“We have a situation where we cannot yet say with confidence that the process of economic repair in the euro area is complete,” he said.
The BRICS Post with inputs from Agencies
