ECB Draghi's press conference (live)
- Euro Zone's QE will last from Mar. 9 2015 until Sep. 2016; longer if needed.
- QE planned volume - 60 billion euros;
- ECB will continue buying covered bonds and ABS until inflation asustainable increases;
- Details of asset purchases will be revealed after each meeting;
- Measures announced will gradually return inflation to the target.
- Latest figures point to positive developments, recovery is "broadening and firming";
- Negative risks to economy have diminished;
- Inflation will be low or negative in the coming months, but will gradually increase later in 2015;
- Inflation forecasts came out mixed:
- 2015 forecast revised down to 0% vs. 0.7% prior. Reason cited - oil price collapse;
- 2016 forecast revised up to 1.5% from 1.3% prior;
- 2017 forecast unchanged at 1.8%.
- Growth forecasts for 2015 and 2016 have been revised to the upside:
- 2015 GDP growth is now seen at 1.5% vs. 1.0% prior;
- 2016 GDP growth is now seen at 1.9% vs. 1.5% prior;
- 2017 GDP growth is seen at 2.1% (unchanged).