Comments in the Q&A:

Draghi April 10
  • Tiering needs further analysis
  • We have been closely looking at the decline in inflation expectations
  • Markets are expecting less upward pressure on the labor market
  • Negative risk premium is the predominant reason that market-based inflation expectations are falling
  • We have plenty of instruments
  • We remain fully committed to return inflation to 2% without delay
  • We didn't discuss the TLTRO deal, we haven't discussed the merits or the cons of them
  • The outlook is a picture of weakening growth
  • He was asked about buying equities and didn't rule it out
  • We didn't discuss guidance
  • Inflation will probably bottom in September
  • Risk of a eurozone recession remain low
  • If you are to introduce mitigating measures for banks, would this imply low rates for longer? We haven't discussed that
  • Priority is for Italy to restore growth and employment

Tiering would exempt some bank reserves from negative rates. They do that in Japan, Denmark and Switzerland -- all have negative rates.

There is lots of talk about how he said, "We are ready to use all instruments. ALL instruments," and that it's an exceedingly dovish hint, perhaps even at negative rates.