ECB's Visco: Monetary policy stance will remain expansionary as long as necessary

European Central Bank (ECB) Governing Council member Ignazio Visco crossed the wires in the last minutes saying monetary policy stance will remain expansionary "as long as necessary."

"We must decisively counter low inflation and economic slowdown to avoid a further reduction in inflation expectations and deflation risks," Visco explained. "Our analyses suggest the asset purchase programme is probably the most effective tool under current circumstances."

The EUR/USD pair largely ignored these comments and was last seen trading at 1.1170, adding 0.2% on the day. Below are some additional key takeaways, per Reuters.

"Evidence shows rate cuts had a significant expansionary effect, but risks of undesirable side effects increase the longer official rates remain negative."

"Expansive fiscal policies in the eurozone could speed return to price stability."

"Persistent economic weakness could worsen banks' non-performing loan trends."

"Eurozone inflation remains too low, there is a risk of de-anchoring of mid-, long-term price expectations."