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Draghi Says ECB Stimulus Key Ingredient Of Ongoing Eurozone Recovery

Eurozone proved to be resilient to many shocks this year despite the uncertainty arising from the economic and political environment, largely due to the stimulus measures adopted by the European Central Bank, the bank's chief Mario Draghi said Monday.

"In 2016 the euro area economy proved to be resilient, in spite of uncertainty stemming from the economic and political environment," ECB President Draghi said in his opening remarks at a hearing in the European Parliament in Brussels.

"Inflation has gradually edged up, and the ECB's monetary stimulus has been a key ingredient of the ongoing recovery."

The euro area economy continues to expand at a moderate but steady pace and this gradual upward trend is expected to continue, Draghi said.

"Still - if supported by decisive action taken by other policymakers - monetary policy measures in the euro area could be even more effective," he added.

Regarding the impact of 'Brexit' on the euro area, Draghi said it was difficult to predict the precise economic implications of the event and they will notably depend on the timing, progress and final outcome of the upcoming negotiations.

"Thus, it is important to have clarity on the negotiation process as soon as possible in order to reduce uncertainty," the central banker stressed.

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