Opening statement from Mario Draghi following June 2015 governing council meeting
- QE set to run until Sep 2016 or until ECB sees sustained inflation path adjustment towards target
- Asset purchase program proceeding well
- ECB will concentrate on trends in inflation
- Effects of ECB measures are working through the economy
- Full implementation on mon pol measures will provide necessary support to EZ economy
- Low oil price to support real disposable income
- Growth forecasts kept unchanged 1.5% 2015, 1.9% 2016, Cut for 2017 to 2.0% vs 2.1%
- Inflation expected to pick up further in 2015/16
- Inflation forecast raised for 2015 to 0.3% vs 0.0% prior, 2016 unch 1.5%, 2017 unch 1.8%
- Inflation to remain low in coming months
- ECB will closely monitor inflation risk
- Outlook relies on full implementation of policy measures
- Loan dynamics have improved but remain subdued
- ECB must maintain a steady monetary policy course
- Reforms must gain momentum in several countries
- Some member states must accelerate labour market refoms