Mubasher: The European Central Bank (ECB) said it would maintain its monetary policy stance unchanged with the inflation rising towards its target.

The bank would end its asset purchases programme if prices kept growing at a sustainable pace, the ECB’s governor Mario Draghi said during a conference held in Frankfurt on Wednesay.

"We currently see inflation converging towards our aim over the medium term, and we are more confident than in the past this convergence will come to pass," Draghi stated.

“But we still need to see further evidence that inflation dynamics are moving in the right direction. So monetary policy will remain patient, persistent and prudent,” he added.

In February, the Eurozone’s Consumer Price Index (CPI) recorded 1.2%, down from 1.3% in the previous month.

“Adjustments to our policy will remain predictable, and they will proceed at a measured pace that is most appropriate for inflation convergence to consolidate,” Draghi noted.