Speaks in Exchborn, Germany

He adds:

  • ECB critics have been proved wrong in the past
  • concern over ECB monetary policy don't stand up to scrutiny
  • Needs to complete monetary union on all fronts
  • ECB will fulfill its mandate
  • meeting. Our objective is about credibility
  • Is clear that the impact of the APP on confidence, credit and the economy has been substantial
  • Euro area recovery is proceeding
  • The ECB is contributing to securing the cyclical recovery by fulfilling our price stability mandate
  • To turn the cyclical recovery into a structural recovery, others have to play their part
  • Core inflation is not ECB objective; it leads headline inflation
  • Meeting the inflation objective matters for ECB credibility

The EURUSD is down a few pips since the headlines started to come out. The pair trades at 1.0826 currently.