ECB sees...

But the greater danger, he argued, was from “trade uncertainty in particular relating to protectionism” that could further weigh on already sluggish global trade growth.

While US President Donald Trump’s “America first” White House has struck a new accord with Mexico and Canada, his confrontations with China and the European Union over trade are still on the boil.

For now, a “virtuous circle between employment, labour income and consumption” at home helps the eurozone weather headwinds from abroad, Draghi noted.