The European Central Bank's (ECB) Mario Draghi has said that monetary policy has managed to help the European Union avoid a destructive scenario, but that it has limits.
Draghi said that the Outright Monetary Transactions measure has acted as a full backstop, but that monetary policy can not address the transmission mechanism or structural problems.
The central banker said that there is a subdued outlook for inflation in the medium term, which warrants accommodative policy. He expects interest rates to remain at current or lower levels for an extended period of time.
Draghi's comments already sending $EURUSD below 1.3500.— DailyFXTeamMember (@DailyFXTeam) September 23, 2013