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Mario Draghi has tied the success of the European Central Bank’s monetary policy to an increase in employment across the currency bloc as the ECB president underlined the success of the bank’s measures in recent years.

Speaking at the ECB’s monthly conference, Mr Draghi outlined various reasons why the central bank’s monetary policy had been successful, including steady real GDP growth of between 0.3 and 0.6 per cent quarter-on-quarter since 2015, higher economic sentiment in the eurozone and a near six-year high in the PMI composite output index for the region.

But he focused on employment in particular as a measure of the health of the ECB’s monetary policy, pointing to job creation of more than four million over the past three years.

Mr Draghi had made these points in his January press conference but this time he noted the job creation was even higher than the last time he mentioned it after an upward revision in Germany.

This time, he also stressed his point on employment, adding:

In giving you these numbers about employment let me add that those who had doubts about the equity of our asset purchase programme are being answered because the most equitable measure of all is to create employment and to decrease unemployment.

Copyright The Financial Times Limited 2017. All rights reserved.
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