Draghi answers questions after the statement:
- The recovery is the basis for our confidence that inflation will eventually converge
- Patience is needed on inflation
- There was broad dissatisfaction on governing council on inflation, tempered by confidence it will rise
- Draghi says exchange rate 'very important' for growth and inflation
- Exchange rate not a policy target but will have to take into account in decisions
That is some weak jawboning. Half-hearted effort. No one could seriously think that would stop the euro-train, and it's not working at all.
- Discussion on QE was very preliminary
- No discussion on sequencing or a change in new-issuer limits
- Pros and cons of different scenarios were discussed
- Governing council will want to see the work of the committees tasked with this project
