Draghi Q&A: The atmosphere in our meeting ‘was pretty positive’

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.

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