A spokesman from the ECB who is speaking for Draghi and repeating his comments to EU leaders in Brussels:

  • Draghi did not speak of deflation
  • Draghi says EU budget rules must be credibly upheld as policy anchor
  • Countries with fiscal space should consider stimulating demand
  • Would be worried if prolonged low inflation led to second round effects in wage and price setting
  • Eurozone recovery has lost momentum
  • Inflation to remain low in the near term

There’s nothing here that we haven’t heard before.