Mario Draghi's opening statement after the April 2017 governing council meeting
Downside risks have diminished
Incoming data confirms strengthening recovery
EURUSD jumps to 1.0929
QE will remain until we see sustained inflation
ECB measure preserve the favourable conditions needed
Underlying inflation pressures remain subdued
ECB will look through transient inflation (It's all about the core people)
Very substantial degree of accommodation is still needed
QE can be expanded or extended if needed (This is the line under question for June)
Survey results signal the recovery will firm and broaden
EZ growth dampened by the sluggish pace of reforms
Risks are moving closer to being broadly balanced (more emphasis on this point from Draghi)
Risks are still tilted to the downside
- Underlying inflation will rise only gradually
- Underlying inflation remains low
- Inflation is likely to increase in April (a heads up for tomorrow if ever we've heard one)
- Structural reforms must be stepped up substantially
Waffle over, on to the Q&A
