Opening statement from Draghi

draghi
  • ECB will consider if negative rates need mitigating
  • Inflation likely to decline in coming months
  • Underlying inflation to increase over medium term
  • Underlying inflation continues to be muted
  • Ample degree of stimulus needed
  • Employment gains and wages underpin economy
  • Incoming data continue to be weak, especially in manufacturing
  • Effect of temporary factors to unwind
  • Uncertainties relating to geopolitics, protectionism, emerging markets leaving mark on sentiment
  • Some domestic factors dampening growth are starting to fade
  • Full text of the opening statement

EUR/USD has given up all its gains in a fall to 1.1264 from 1.1280 at the start of the press conference.