Euro lower on the headline
Headline inflation likely to decrease in the coming months, mostly due to oil
Measures of underlying inflation remain generally muted but domestic pressures strengthening
Underlying inflation to increase in medium term
Blames softer external demand and trade for softer growth outlook
Governments need to rebuild fiscal buffers
The euro is lower on the tilt downward in the balance of risks. This sounds like it's setting up for a push-out in forward guidance (through the summer) in the next meeting or two.
Here's the full quote:
"The balance of risks [to the growth outlook] is moving to the downside owing to the persistence of uncertainties related to geopolitical factors, the threat of protectionism, vulnerabilities in emerging markets and financial market volatility."