Draghi opening statement highlights on Sept 12, 2019:
- Today's decisions were taken in response to the shortfall in inflation
- We stand ready to adjust all instruments as appropriate
- Risks remain tilted to the downside
- Pass-through of cost pressures is taking longer than previously anticipated
- The Governing Council reiterated the need for a highly accommodative stance of monetary policy for a prolonged period of time
- Robust employment underpins economic resilience
- Urges looser fiscal policy
- Incoming information continues to point to moderate but positive growth
- Global uncertainties are particularly affecting eurozone manufacturing
- Service sector is showing ongoing resilience
- Eurozone to be supported by financing conditions, employment, wages, fiscal stance and global growth
- The maturity of the TLTRO III operations will be extended from two to three years
- More details will be published at 3:30 pm CET
"We stand ready to adjust all of our instruments, as appropriate, to ensure that inflation moves towards our aim in a sustained manner, in line with our commitment to symmetry," he said.
The euro took another leg lower on the risks tilted to the downside comment along with lower inflation and growth forecasts.
