European Central Bank president Mario Draghi defended the bank’s move to start phasing out its easy-money policies against criticism from European lawmakers that it is moving too soon as eurozone economic growth slows.

The central bank has been treading a cautious path in recent months, seeking to start winding down its €2.6tn bond-buying programme, known as quantitative easing or QE, without spooking international investors. The programme is widely credited with bolstering growth in the 19-nation eurozone economy, which outpaced the US over the past two years.