Draghi's opening statement

  • ECB's stimulus package is comprehensive
  • QE will run until the end of March 2017 or longer if necessary
  • QE will run until the ECB sees a sustained rise in CPI
  • Raises Issue share limit on QE bonds to 50%
  • Corporate bond purchases will start end of Q2
  • 4 new TLTRO's will run for four years
  • The first, TLTRO 2 will start in June
  • TLTRO rate can be as low as the prevailing deposit rate
  • Switches from TLTRO 1 will be allowed
  • Counterparties entitled to borrow 30% of stock of eligible loans
  • Interest rates will remain at or below current rates for an extended period
  • Low rates will stay long after end of Qe
  • Will monitor inflation outlook
  • Latest survey data points to weaker than expected growth momentum
  • Expects recovery to proceed at moderate pace
  • Low oil prices still supportive of disposable income
  • Growth forecasts revised down
  • 2016 GDP 1.4% vs 1.7% prior
  • 2017 1.7% vs 1.9% prior
  • 2018 1.8%
  • Risks to Eurozone growth outlook still on the downside
  • Inflation to stay negative in the coming months
  • ECB will monitor price setting and wages
  • ECB is looking out for second round effects
  • CPI forecast 2016 0.1% vs 1.0% prior (big drop)
  • 2017 1.3% vs 1.6% prior
  • 2018 1.6%
  • Oil price drop is reflected in forecasts
  • Lower growth forecasts reflects lower global growth prospects
  • ECB accommodative stance supports economic recovery
  • Structural reform policies still need to do more
  • Reform efforts need to be stepped up by the majority countries

Statement over, on to the Q&A.

He's gone slightly heavier on the structural reform moaning. It's an important point, particularly if the ECB has expended all its tools.

Technical details of today's tools will be announced at 4pm (CET)