ECB governing council statement 21 July 2016

  • ECB sees rates remaining at present or lower levels for an extended period of time

  • Sees ongoing recovery and rise in CPI

  • ECB will monitor developments closely
  • New staff forecasts will help ECB assess conditions (that's another can kick on when action might come next)
  • Recovery to continue at moderate pace
  • ECB still sees support from low oil prices
  • Inflation to remain low in coming months
  • Inflation should pick up later in 2016, and further in 2017 & 2018
  • Risks to growth is tilted to the downside
  • ECB will act if needed using all tools in its mandate
  • Structural reforms needs to be substantially stepped up to reduce unemployment and boost growth

He's tied most of the recent rise in inflation to the rise in oil prices. He's also going heavier on the structural reforms bluster.

Looking a little tired today