European Central Bank President Mario Draghi said Wednesday that the bank's policy will remain prudent despite it being more confident on the future path of inflation.
"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 said at an event in Frankfurt.
"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."
Theoverall improved economic momentum in the euro zone led the central bank to change its communication last week. The ECB dropped its so-called easing bias — a statement that used to indicate the bank would increase the level of its bond purchases in both duration and size if the economic outlook deteriorates.
"There's been a moderate change in communication… that is an indication they feel the need to recognize the massive improvement in the economy and the improvement in inflation," Volker Wieland, endowed chair of monetary economics at the Institute for Monetary and Financial Stability, told CNBC Wednesday.