Changes to the ECB forecasts

  • 2017 growth 2.2% vs +1.9% previously
  • 2018 growth unchanged at 1.8%
  • 2019 growth unchanged at 1.7%

Inflation:

  • 2017 inflation unchanged at 1.5%
  • 2018 inflation 1.2% vs 1.3% prior
  • 2019 inflation 1.5% vs 1.6% prior

These forecasts are in line with yesterday's leaks.

Draghi said inflation had yet to show signs of a sustained convincing upward trend. Draghi blamed lower inflation forecasts on the higher euro.