Draghi opening statement highlights
- We confirmed asset purchases will continue at least through December
- Purchases will continue until ECB sees sustained inflation pickup
- Measures to preserve favourable conditions needed
- Incoming information confirms strengthening of economy that has been broadening
- Growth risks broadly balanced
- Better growth has yet to translate in to stronger inflation dynamics
- A very substantial amount of stimulus still needed
- If the needed, we stand ready to increase stimulus
- Survey data points to solid, broad-based growth in the period ahead
- Recovery in investment continues to benefit from easy conditions and corporate profitability
- Global recovery should help exports
- Sees 'current positive cyclical momentum'
- Downside risks 'primarily related to global factors'
- Recent inflation fall mainly due to lower energy prices
- Headline inflation likely to remain around current levels in the coming months
- Measures of underlying inflation have yet to show convincing signs of a pickup
He's working hard to be dovish here but his big-picture optimism gave the euro a lift. The line about a 'very substantial degree' is word-for-word from the June 8 opening statement.
Draghi added his regular lecture to Eurozone leaders to implement structural reforms, but these were the highlights of his opening statement. EUR/USD recovered to 1.2525 from 1.1490.
