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Still need accommodative ECB policy, OMT essential now: Draghi

BERLIN | Tue Jun 25, 2013 1:51pm BST
(Reuters) - An 'accommodative' monetary policy is still appropriate for the European Central Bank, whose OMT bond-buy plan is essential now as policy shifts elsewhere reverberate across the globe, ECB President Mario Draghi said.

In remarks prepared for delivery in Berlin, Draghi defended the bond-purchase plan - dubbed Outright Monetary Transactions (OMT) - that he masterminded last year to head off the risk of a euro zone break-up, saying the bloc is more stable as a result.

"Indeed, I would say that OMT is even more essential now as we see potential changes in the monetary policy stance with associated uncertainty in other jurisdictions of the integrated global economy," he said in the speech for delivery on Tuesday.

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