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ECB's Draghi speaks at European Parliament

BRUSSELS (Reuters) - Following are comments by European Central Bank President Mario Draghi, speaking in a testimony before the European Parliament's Committee on Economic and Monetary Affairs on Monday.

ON LIQUIDITY

"We have several other instruments on the liquidity front and so we don't feel that we are short of instruments. In the meantime, we continue to reflect on the array of instruments that we can mobilize if further risks were to materialize."

ON DEFLATION

"We don't see deflation in the sense that's defined as a self-fulfilling drop in prices."

"We don't see a generalized fall in prices across commodities and countries."

ON ASMUSSEN LEAVING THE ECB

"Let me say that the departure of Joerg is really a tremendous loss for the board and for me personally ... We got along very, very well."

"The only thing I can say now is that his replacement be appointed as soon as possible."

RATES TO REMAIN STABLE OR LOWER

"We continue to expect ECB key interest rates to remain at present or lower levels for an extended period of time. Thus, monetary policy will remain accommodative for as long as necessary."

"Excess liquidity in overnight money markets has been gradually receding. We are monitoring the potential impact of these developments on our monetary policy stance. We are ready to consider all available instruments."

"We are fully aware of the downward risks that a protracted period of low inflation entails. Consistent with its forward guidance, the Governing Council is ready and able to act if needed."

FRAGILE RECOVERY

"Underlying price pressures remain subdued over the medium term. The economic recovery in the euro area is fragile."

"Developments in survey-based confidence indicators up to November point toward a modest growth rate also in the last quarter of the year."

"Looking further ahead, we expect output to continue to recover at a slow pace."

"The risks to the outlook remain on the downside."

PROLONGED LOW INFLATION

"We might experience a prolonged period of low inflation to be followed by a gradual upward movement towards inflation rates below, but close to, 2 percent later on."

SINGLE RESOLUTION MECHANISM

"We should not create a Single Resolution Mechanism that is single in name only. In this respect, I am concerned that decision-making may become overly complex and financing arrangements may not be adequate."

(Reporting by Sakari Suoninen; Editing by EMEA MPG Desk)

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