• Sep policy decisions taken to underpin inflation expectations
  • Have now reached lower bound on interest rates
  • New measures to have sizeable impact on balance sheet
  • Ready to take further action if needed
  • Investment to return only if other policies flank ours
  • Need more ambitious structural reforms for investment
  • Won;t see much growth if no serious structural reforms
  • Should remember that stability pact has been anchor of confidenec

Draghi is speaking live to the Eurogroup. Link courtesy of Livesquawk here

Into Q&A

  • ABS reform program to be launched with or without guarantees
  • Can expand ABS into mezzanine tranches if there are guarantees from governments