• Tools to tackle potential inflation risks are available
  • Indicators confirm signs of stabilization
  • ECB needs to carefully monitor developments
  • Economic development is subject to downside risks
  • Expects inflation to remain in line with price stability
  • Inflation should fall below 2% in 2013

Sounds like they are not in a rush to do anything on rates but are mindful of upside inflation risks. Don’t expect Draghi to hike rates on higher oil prices like his predecessor mistaken did twice in the last few years.