Draghi answers questions
- As of January, the ECB will publish monthly redemptions and reinvestments
- We didn't discuss composition of balance sheet
- Governing council stressed unabated growth momentum
- Real disposable income is increasing, mostly due to gains in employment
- There were some different views on different aspects
- The stock of assets has become more important than the flow
- We didn't discuss the parameters or limits
- Draghi doesn't appear to rule out a hike in 2019
- Market reaction was relatively muted, which seems to say our communication was pretty effective
- Decision was not unanimous
- Would characterize decisions between as broad consensus on some issues to a large majority on others
The comment on a hike in 2019 led to the bounce in the euro.
