A very emphasised comment there on the size of the balance sheet “moving towards 2012 levels”.

  • EC will soon start buying ABS
  • Purchase program to last at least 2 years
  • Asset buys, TLTRO’s will sizeably impact balance sheet
  • Monetary policy has responded to weaker inflation
  • Stance to underpin anchoring of inflation expectations
  • ECB unanimous in commitment to act again if needed
  • Tasked staff, committees to prepare further measures
  • Measures to be prepared for use if needed

Those are the comments that have sent the Euro down

  • Surveys indicate weaker growth momentum
  • Sees indications for downward revisions to forecasts
  • Domestic demand supported by structural reforms, lower energy prices
  • Risks to econ outlook remain to downside, from geopolitics, lack of reforms
  • Council to monitor med-term inflation risks
  • ECB to monitor impact of of geopolitics and FX on inflation

The biggest thing so far is that he’s quashed these challenge rumours by reiterating the unanimity of the governing council. That’s told the market that the path they are expecting (possible Qe and other measures) are still more than possible. The extra mention of “further measures” is also just as dovish.