Draghi opening statement: Taper reflects confidence in move towards CPI target

Highlights from the statement

  • From Jan, net asset purchases intended to continue at 30 billion pace until September or beyond
  • If outlook becomes less favourable, we stand ready to increase purchases
  • Domestic price pressures remain muted
  • Ample degree of monetary policy stimulus is still necessary
  • Economic expansion continues to be solid and broad based
  • Latest survey data point to ‘unabated’ expansion in H2
  • Construction investment has strengthened
  • Notes broad-based global expansion
  • Risks remain broadly balanced
  • Notes FX (ie strong euro) as a downside risk
  • Wage growth has increased somewhat

Watch live here.

The line about monitoring FX volatility was removed from the introductory statement, which is a step back on the anti-euro jawboning.

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