Draghi Q&A
- Didn't want to discuss the policy specifics (instruments) today
- There shouldn't be any doubt about our willingness to act
Draghi was questioned about the ECB's credibility of looking to act so soon after Dec
- Policy measures so far have been quite effective so far
- Measures in Dec were entirely appropriate for that time
- Since then things have changed
- Oil is down 40% since the cut off for the last projections
- Now these conditions have worsened
- Credibility of the ECB would be questioned if we were not ready to act on these changing circumstances
- Governing council was unanimous to this line of communication
- It is clear we are adapting to changing conditions
