Draghi Says Firmly Convinced of Need for ECB Support

The transcript discusses the subdued nature of underlying inflation pressures and the insufficiency of domestic cost pressures, particularly from wages, to support a sustainable convergence of inflation towards the medium-term objective. It highlights the need for very accommodative financing conditions, which depend on substantial monetary accommodation. The upcoming June monetary policy meeting will provide an update on staff projections and a more complete information set for assessing growth and inflation risks. The transcript concludes by affirming the necessity of extraordinary monetary policy support to reabsorb underutilized resources and stabilize inflation around 2% in the medium term.

How does the text describe the current level of monetary policy support?

What is the medium-term objective for inflation as stated in the text?