A re-hash of the the ECB statement at last meeting

  • measures will help inflation return toward 2%
  • ECB has tasked staff and committees to prepare further measures
  • sees significant differences between policy cycles globally

ECB forecasters have cut 2014 GDP expectation to 0.8% from 1.0%

  • 2015 GDP forecast 1.2% vs 1.5% prev
  • 2016 GDP forecast 1.5% vs 17% prev
  • 2014 CPI forecast 0.5% vs 0.7% prev
  • 2015 CPI forecast 1.0% vs 1.2% prev
  • 2016 CPI forecast 1.4% vs 1.5% prev

Full monthly report here

Understandably cautious stance from the forecasters but euro still enjoying some buy interest this morning