The introductory statement from Draghi
- Eurozone economy continues to expand at a moderate pace despite adverse effects of global economic and political uncertainty
- This gradual upward trend is expected to continue, not least owing to our monetary policy measures
- So far the euro area has weathered the fallout from the referendum outcome with encouraging resilience, also thanks to the preparations of central banks and supervisors on both sides of the Channel
- It is difficult to predict the precise economic implications of the United Kingdom withdrawing from the EU
- It is important to have clarity on the negotiation process as soon as possible in order to reduce uncertainty.
"Let me conclude. It is encouraging to see that recent opinion surveys show support for European integration increasing since the UK referendum, contrary to the expectations of many. At the same time, there are lessons to be learnt. The key lesson is that the European Union has to deliver on key objectives from the citizens' perspective if it is to rekindle trust in the European project. And to address the widespread feelings of insecurity, including economic insecurity, the European project needs strong economic foundations. For the euro area economy, this means strengthening the recovery, preserving financial stability and addressing the remaining vulnerabilities of Economic and Monetary Union."
Another round of back-patting from Draghi.