The head of the European Central Bank, Mario Draghi, speaking at the forum of central banks in Portugal, said that the ECB would be leery of choosing the time for raising the base interest rate. He said: “We will be patient in determining the timing of the first rate increase and after that, we will gradually adjust the monetary policy.” Draghi expressed confidence that inflation in the euro area would reach the target level of 2%. According to him, accelerating growth of wages in other eurozone countries, in addition to Germany, can support consumer spending and commodity prices. He also pointed to the growing uncertainty about the macroeconomic forecast in these latter days, which is due to trade wars and rising oil prices.
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