The Eurozone is chugging along says Draghi
- ECB had expected stronger growth figures
- Slower external growth is hurting economy
- There has been some loss of momentum
- Bond yield rise could reflect improving economy and inflation
- Bond volatility may be technical. Shorter German paper became more eligible as their yields rose above the deposit rate
- We should get used to periods of higher volatility
- Council was unanimous that ECB should look through volatility ( Translation - Let the bond market have it's fun, we're not interested)
- ECB won't change mon pol stance on response to market volatility
- We will keep mon pol stance and add to it if necessary
