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ECB's Draghi says 'forward guidance' on policy a success

Reuters  |  FRANKFURT 

FRANKFURT (Reuters) - The European Central Bank's "forward guidance" on future moves has been successful in steering market expectations and is now an established tool, President Mario Draghi said on Tuesday.

"Forward guidance has become a full-fledged monetary instrument," Draghi told an conference.

"It's hard to say (whether it will continue even after interest rates rise) but so far the experience has been successful.

"Why discard a monetary instrument that has proved to be effective?" Draghi added.

(Reporting by Balazs Korany and Francesco Canepa; Editing by Catherine Evans)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, November 14 2017. 16:18 IST