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"There is convincing evidence that supports the view that the APP (Asset-Purchase Programme) has remained a considerable source of financial easing also after the end of net purchases," Coeure said.
"It continues to provide important accommodation in an environment of increased downside risks to growth and thereby supports the sustained convergence of inflation to levels closer to 2pc."
Echoing ECB President Mario Draghi, Coeure said the ECB stood ready to react to "adverse contingencies" and cited "global headwinds... mainly related to the rising threat of protectionism".