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.