ECB Draghi: Further stimulus is in the pipeline

European Central Bank President, Mario Draghi, said that the economy is expected to proceed at a moderate but steady pace.

The recovery has gained momentum but inflation dynamics remain rather subdued, said Draghi testifying at the European Parliament in Brussels. He added that inflation is expected to hover at low levels over the coming months and “further stimulus is in the pipeline.”

Regarding the upcoming UK referendum on EU membership, he said that they are ready for all the contingencies that may arise from a Brexit. “We’ve done all the preparation necessary,” he said.