Highlights of the opening statement at the April 21, 2016 ECB press conference

  • Repeats that purchases will run until at least March 2017
  • Repeats that purchases will continue until sustained inflation
  • Broad financing conditions have improved
  • Global uncertainties persist
  • Will monitor developments very closely
  • It's crucial to avoid second round effects
  • Will use all instruments if needed

Economic assessment:

  • Q1 growth likely broadly similar to Q4 2015
  • Expects recovery to proceed
  • Cites softer exports
  • Eurozone risks still tilted to the downside
  • Outlook dampened by slow structural reforms
  • Repeats inflation could turn negative soon
  • Repeats that inflation will pick up later this year
  • Notes better loan supply and demand, better conditions

The euro jumped after the comments about better loan and financial conditions. 1.1398 was the high.