ECB's Draghi: Central bank should be free to choose instruments appropriate to deliver its mandate

Below are some key highlights from the speech delivered by Mario Draghi, President of the ECB, at the Banque Nationale de Belgique, Brussels, 26 October 2018.

• The absence of inflationary pressures in recent years is well-explained by two factors, and neither would justify a change to the monetary policy framework.
• Today we are witnessing major demographic and technological changes, but these do not necessarily imply that structural factors are the main drivers of inflation.
• Central banks are powerful, independent and unelected.
  • This combination can only be squared if they have a clearly defined mandate for which they are held accountable by the public.
• The central bank should not be subject to fiscal or political dominance and should be free to choose the instruments that are most appropriate to deliver its mandate.