ECB's Lane: ECB's policy package stabilised markets, supported recovery

Six months after the introduction of the European Central Bank's measures, the evidence suggests that the policy packaged has stabilised markets, protected credit provision and supported the recovery, European Central Bank's (ECB) chief economist Philip Lane said on Thursday.

"Accepting that inflation will take more time to reach the target would be costly," Lane added while speaking at the Jackson Hole Symposium. "A longer phase of even lower inflation might become entrenched and contribute to a downward drift in inflation expectations."

Market reaction

The EUR/USD pair edged slightly lower in the last minutes and was last seen trading with small daily losses at 1.3135.