The European Central Bank (ECB) has raised its forecast for Eurozone growth to 2.2 percent, marking the fastest pace for a decade.
The ECB raised its economic growth forecast from 1.9 percent to 2.2 percent, almost reaching levels of growth witnessed prior to the financial crisis.
“There was a general recognition of the progress made by the eurozone recovery,” Mr Draghi commented.
“It’s robust, it’s broad-based, and it was recalled that six million jobs were created since 2013.”
The bank also announced the cutting of its forecast for eurozone inflation to 1.2 percent next year and 1.5 percent in 2019, ultimately below the ECB target of 2 percent.
In addition, the bank announced no changes to its interest rates and its bond buying programme, with President Mario Draghi confirming the ECB would probably make decisions next month.
“We will announce when we are ready. We think we are going to be ready for much of what we have to decide in October … if we are not then we postpone” Draghi added.
Mr Draghi did however note that “a very substantial degree of monetary accommodation” was still needed to help boost inflation.
Notably, there were no specific comments on the recent strength of the Euro, despite having peaked at $1.2059 in the midst of the press conference.
“The recent volatility in the exchange rate represents a source of uncertainty which requires monitoring” the ECB president did however emphasise to reporters.
Meanwhile, elsewhere in Europe, the European Parliament has suggested that negotiations between the UK and the union over Brexit, will not be discussed until December.
President Antonio Tajani said today: “Given the current state of play of negotiations and the current position of the UK, it would seem very difficult that sufficient progress can be achieved by October on separation issues in order to enter phase two of the negotiations.
“In this case I would think it wise for the European Council to postpone this point to its December meeting.”
UK Brexit Secretary David Davis has yet to formally address the remarks, however, the development will no doubt put strain upon the Prime Minister’s proposed exit target of 2019.