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Currency Analyst since 2010

Live blog: ECB press conference

QE announcement will liekly follow in the coming months

  • No QE announced in December
  • But ECB will reassess policy achievements early in 2015 (Not nesessarily on the next meeting in January!)
  • Action will be taken timely if needed

Inflation and growth outlook turns gloomier

  • Latest indications indicate lower inflation and weaker GDP growth
  • GDP forecasts revised to the downside: 2014 GDP to 0.8% from 0.9% in Sept, 2015 GDP to 1.0% from 1.6% in Sept
  • Inflation forecasts revised to the downside: 2014 inflation to 0.5% vs. 0.6% in Sept, 2015 inflation to 0.7% vs. 1.3% in Sept,  2016 inflation to 1.3% vs. 1.4% in Sept
  • New downward revisions could follow in the coming months

More comments

  • No change in conditions at second TLTRO (Dec. 11)
  • Wording on the balance sheet extension was not unanimous
  • ECB' Constancio: QE is only “one among other options”
  • Draghi: we don't need unanimity for QE

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