ECB's Mersch: QE reinvestment is most important part of decision

Mersch spoke in Munich

From where I stand, the most important element is the lack of significant action. More comments from Mersch:

• Measures intended to strengthen recovery
• Residual risks remain

The IMF also chimed in on the ECB just now, saying today's decision helps address downside risks. They said the ECB should continue to strongly signal willingness to act and use all available instruments until price stability is achieved