Highlights from the prepared statement from Mario Draghi at the monthly ECB press conference:
Draghi July 16
- The assessment hasn't changed
- The monetary policy stance remains accommodative
- Factors leading to unwarranted tightening of monetary policy, governing council would respond by using all instruments available
- Growth was confirmed at 0.4% in Q1
- The downside risks around the outlook have generally been contained
- We will continue to focus on the pass-through of our measures
- Recent decline in oil prices should provide additional support to disposable income
- Analysis confirms need for steady monetary policy
- Full text
The euro rose a touch during the press conference. He's basically put the ECB on autopilot and diminished any chance of further stimulus (which was a low probability anyway).