Draghi finally appears at European Parliament
- Growth is stronger than previously expected
- At the same time, inflation has yet to show more convincing signs of a sustained upward adjustment
- Given the uncertainty surrounding the measure of economic slack, the true number might be larger than estimated
- Labor market expected to improve further
- We anticipate that headline inflation will resume its gradual upward adjustment
- Relationship between growth and inflation remains largely intact, even if it was temporarily weakened
- US tax reform will reshape global tax landscape
- The last thing we want is a softening of global regulation
- ECB guidance on interest rates 'very important'
- Policy effect produced by combination of measures
- Possible extension of QE hasn't been discussed
Draghi continues to try to walk the tightrope between optimism and hawkishness.
