Draghi: Recent economic data have been weaker than expected

Comments at EU parliament

• Some of the slowdown may be temporary

• Prevailing uncertainties still call for patience

• Significant monetary policy stimulus is still needed

• ECB continues to anticipate net asset purchases to end

• There is good reason to be confident that underlying inflation will gradually rise in the period ahead

"The data that have become available since my last visit in September have been somewhat weaker than expected," Draghi said.

"Some of the slowdown may also be temporary. In fact, the latest data already show some normalizing of production in the car industry which has been impeded by one-off factors," he said.

Some slight selling in the euro on these comments with EUR/USD down to 1.1356.