European Central Bank President Mario Draghi insisted the bank's monetary policy stance remained appropriate on Thursday and stressed "sufficient confidence" would be necessary for the central bank to change tact.
"We are confident that our policy is working and that the outlook for the economy is gradually improving," Draghi said at a conference in Frankfurt on Thursday.
"But even so, we have not yet seen sufficient evidence to materially alter our assessment of the inflation outlook – which remains conditional on a very substantial degree of monetary accommodation. Hence a reassessment of the current monetary policy stance is not warranted at this stage," he added.
The ECB chief reaffirmed his stance the central bank would not need to deviate from its generous asset-buying program until at least the end of the year. The ECB's rate of asset purchases is set to continue until at least the end of December, albeit at a reduced monthly rate of 60 billion euros ($63.8 billion) from April.
Inflation outlook remains unchanged