Draghi answers questions on what's in the tool shed
- There were a few members that hinted at the possibility of acting today
- But, acting today wasn't the prevailing theme
- There was not explicit preference for one instrument, discussion was wide open
- There is no doubt about the effectiveness of monetary policy
- The market improvement is being translated into a resilient economy
- Judgment today is that our monetary stance is essential for a recovery in output and meeting our price stability objective
- Repeats, id ECB sees assumptions change we may change QE or other instruments
Remember, Germany wasn't voting today and that could be a big feature in Dec when they're back in the frame
