ECB press conference Dec 3, 2015:
- We conducted a thorough assessment of inflation and monetary policy
- Seven month extension in QE
- No increase in QE value per month
- Will reinvest QE proceeds
- Persistent low inflation rate reflects sizeable economic slack
- Risks to economic outlook are on the downside
- Our decisions reinforce momentum of the euro area's economic recovery and strengthen its resilience against global economic shocks
- Willing to use all instruments
- Low oil should provide support for households
- Government expenditure likely to increase
- Eurozone growth dampened by subdued growth in emerging markets
No additional QE = get out of euro shorts.
This is looking like a huge disappointment. The market wanted at least a six month extension plus another 10-15 billion in QE per month.