Comments in the opening statement
- Eurozone contracted in the fourth quarter
- ECB ready to adjust all instruments as needed
- ECB monitoring FX for impact on inflation
- Uncertainty remains high
- Inflation remains very low
- Downside risks to short term outlook, but less pronounced
- Renewed infections and lockdowns are disrupting activity
- interest rates to remain at 0 until at least inflation 'robustly converges' to our target of close to, but below 2%
- Sees upward pressure on inflation over medium term once the pandemic fades
- Market-based expectations of inflation expectations have increased slightly
The euro has been contained since the statement after an earlier pop to 1.2167.
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