Draghi says that risks didn't hit the economy as they might have

He listed Brexit, elections etc and the market is seeing this as another sign that the ECB might be scaling down the monetary policy Defcon level. That means putting some tools back in the shed.

  • Domestic sources of risks are more contained

  • Geopolitical risks have risen

  • It's important that G20 commitments on FX are reaffirmed

  • ECB hasn't discussed a QE exit

  • ECB policy was to counter very negative scenarios, from today, the assessment is that these scenarios have become more unlikely to materialise

  • Unclear how better growth translates into inflation

  • QE is on track time–wise, quantity–wise

  • G-20 commitments on FX, open trade quite important

He's labouring this point and the euro is inching higher.