(Bloomberg) — Mario Draghi said the euro-area economy is powerful enough to conquer increased risk, justifying the European Central Bank’s decision medicines bond purchases and end a unprecedented chapter inside the decade-long have trouble with financial crises and recession.

Policy makers decided to phase out of the stimulus tool with 15 billion euros ($17.7 billion) of purchases in every of the final 90 days of the year, the ECB president said after his Governing Council met on Thursday in Latvia. The central bank also pledged to maintain home interest rates unchanged at current record lows not less than from the summer of 2019.

In doing so, officials bet that this euro-area economy is robust enough to ride out an apparent slowdown amid risks including U.S. trade tariffs and nervousness that Italy’s populist government will spark another financial doom and gloom. Nearly half of economists in a Bloomberg survey had predicted the announcement could be put off until July.

“We’ve taken these decisions if you know the economy is a more rewarding situation, using an rise in uncertainty,” Draghi said on a briefing in Riga, where Frankfurt-based ECB held its annual out-of-town meeting. “We may well have this soft patch being somewhat above during the staff projections in most countries.”

The announcement came only hours following Fed raised U.S. home interest rates for your second time this coming year, highlighting the decade of extra spending cash in Europe and America is gradually ending. Still, the People’s Bank of China opted not to ever continue with the Fed in raising borrowing costs, along with the Bank of Japan is predicted to help keep its stimulus if it meets on Friday.

The euro fell for the outlook for mortgage rates, trading 1 percent lower at $1.1675 at 3:04 p.m. Frankfurt time. Economists prior to when the decision had predicted borrowing costs would rise around the middle of pick up.

The ECB decision sported caveats though. Draghi said ending asset purchases could be “be more responsive to incoming data,” and that rates are supposed to stay record lows for “provided necessary” to prevent inflation at a sustained path toward the goal of price growth just below 2 percent within the medium term. Next he said the Governing Gouncil “stands ready” to adjust its policy instruments if needed.

Draghi said the latest risks “warrant monitoring” but reiterated the scene the softening is aided by temporary factors for instance rainwater plus the timing of holidays, which also signifies a pullback within the decade-high boost 2019.

He unveiled updated economic forecasts showing economic growth should slow to 2.1 percent this holiday season, in contrast to its previous forecast of two.4 percent. The estimates for 2019 and 2020 were kept unchanged at 1.9 % and 1.7 percent.

Inflation is observed at 1.7 percent at the moment, up through the earlier prediction of one.Four percent on the back of upper oil prices, tweaking that pace in 2019 and 2020.