The European Central Bank pushed back further a decision on whether to wind down its giant bond-buying program.
The European Central Bank delayed discussion over whether to wind down its giant bond-buying program, underlining a recent tone of caution from global policy makers as they fight weak inflation.
ECB President Mario Draghi on Thursday welcomed a “robust” economic recovery in the 19-nation eurozone, but warned that stronger growth wasn’t yet translating into higher consumer prices.
“We need to be persistent and patient because we aren’t there yet,” Mr. Draghi said after the bank left its monetary policy mix unchanged on Thursday. The bank will discuss the future of bond purchases, known as quantitative easing, in the fall, he said. “Basically inflation is not where we want it to be and where it should be.”
The ECB mirrored a message of caution emanating from other major central banks, which are struggling to understand why prices aren’t picking up more rapidly despite robust economic growth.
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