Draghi: Euro area markets show encouraging resilience to Brexit vote

European Central Bank president Mario Draghi said Thursday that Euro area financial markets responded with  “encouraging resilience” to the UK vote to leave the EU, and added that the ECB remains ready to provide more liquidity, if needed.

Draghi said that the Government Council will continue to monitor economic and financial developments very closely, and wants to wait more information, including new projections, to assess underlying economic conditions, specially for growth and inflation, and will act by using all instrument available within its mandate.

Draghi said data points to ongoing growth in the second quarter, though perhaps at a lower pace than the first quarter. He highlighted that risks to growth outlook remain tilted to the downside and inflation rate will likely remain very low in the next few months but should increase in 2017 and 2018.

Draghi said that fiscal policies should support economic expansion and urged to implement structural reforms.