Highlights of Mario Draghi’s press conference
The ECB left monetary policy unchanged at today’s meeting. Here are the main takeaways from the ECB statement and Mario Draghi’s press conference:
- European economy recovers moderately and steadily. However, there are downside risks for the outlook.
- Inflation is gradually rising, but there are no signs of a convincing upward trend.
- Quantitative easing (QE) will run until March 2017 or beyond. The Governing Council will review the committees work on QE in December. Also in December the ECB will share more information about its further plans.
- The ECB didn’t discuss tapering or extension of the Asset Purchase Program (APP).
- Abrupt ending of QE is unlikely.
- The ECB has discussed negative rates and concluded that they do not hinder the transmission of monetary policy.
- There's no scarcity in asset purchases for QE.
EUR/USD spiked to 1.1037 before sliding to 1.0960.