ECB President Mario Draghi's testimony ahead of European Parliament

European Central Bank President Mario Draghi pointed in his testimony today about the economy and monetary policy before the European Parliament Economic and Monetary Affairs Committee, in Brussels, to the importance of seeing the impact of economic recovery on the region's inflation, noting that recent economic recovery has gained more momentum and strength on the back of improved regional conditions. 

Draghi said that the euro zone's economies still need some degree of monetary expansion, adding that Euro exchange rate reflects European political situation, while downward revision to inflation forecast was mainly due to lower oil prices.

Finally, he said that the ECB will take its decisions on monetary easing by the end of the year, noting that structural problems still hinder economic recovery, and asserting the need for patience and persistence.